MIRA
INFORM REPORT
|
Report Date : |
21.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOLDFINE MANUFACTURERS PUBLIC COMPANY LIMITED
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Registered Office : |
291
Moo 4, Ladkrabang Industrial Estate, Zone
3, Chalongkrung Road,
Lamplatiew, Ladkrabang, Bangkok 10520 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
26.09.1989 |
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Com. Reg. No.: |
0107574700383 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturer and Exporter of 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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
GOLDFINE MANUFACTURERS PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 291
MOO 4, LADKRABANG
INDUSTRIAL ESTATE, ZONE 3,
CHALONGKRUNG ROAD, LAMPLATIEW,
LADKRABANG, BANGKOK
10520, THAILAND
TELEPHONE : [66] 2326-0180-2, 2326-1093-5
FAX : [66] 2326-0838,
2326-0069
E-MAIL
ADDRESS : sales@goldfinemfg.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION NO. : 0107574700383
[Former : 9100/2532]
CAPITAL REGISTERED : BHT. 150,000,000
CAPITAL PAID-UP : BHT. 150,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MS.
SRIPRAE TECHAMATAVORN, THAI
PRESIDENT
NO.
OF STAFF : 1,000
LINES
OF BUSINESS : JEWELRY PRODUCTS
MANUFACTURER &
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
initially established on
September 26, 1989
as a private limited company
under the name
style “GOLDFINE MANUFACTURERS CO., LTD.” by
Thai group, Techamatavorn family in order
to operate as
a manufacturer and
exporter of jewelry
products.
On April 19,
2004 the subject
registered for a
conversion of its status
to a public limited company
under the name GOLDFINE
MANUFACTURERS PUBLIC COMPANY
LIMITED, and was
listed in the
market for alternative
investment [MAI]. It
currently employs approximately 1,000 staff.
The subject’s initial
registered address was
3364/1 Rama 4 Rd.,
Klongton, Phrakanong, Bangkok.
On March 22,
1990, it was
moved to 291
Moo 4, Ladkrabang
Industrial Estate, Zone
3, Chalongkrung Rd.,
Lamplatiew, Ladkrabang, Bangkok,
and this is
the company’s current
operating address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality
|
Age
|
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Ms. Sriprae Techamatavorn |
[x] |
Thai |
58 |
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Mr. Boontung Techamatavorn |
[x] |
Thai |
55 |
|
Mr. Puchong Techamatavorn |
[x] |
Thai |
49 |
|
Mr. Anchatat Techamatavorn |
|
Thai |
53 |
|
Mr. Sitthichai Techamatavorn |
|
Thai |
47 |
|
Mr. Utane Kongsunthornkijkul |
|
Thai |
53 |
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Ms. Saowanee Pisutnarakul |
|
Thai |
58 |
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Mr. Anucha Kulvisuth |
|
Thai |
47 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Ms. Sriprae
Techamatavorn is the
President.
She is
Thai nationality with
the age of
58 years old.
She has been
in this position
since 1999.
Mr.
Boontung Techamatavorn is
the Senior Vice
President of Products
Development.
He is
Thai nationality with
the age of
55 years old.
He has been the company’s
Deputy Managing Director
since 1999.
Mr. Puchong
Techamatavorn is the
Vice President of
Production.
He is Thai nationality with the
age of 49 years old.
Mr. Sitthichai
Techamatavorn is the
Vice President of
Information Technology & Marketing. He is Thai
nationality with the
age of 47 years old.
Ms. Suda Salingkanjinda is
the Accounting &
Finance Manager.
She is Thai nationality.
Mr. Supakorn Vannavong
is the Administration Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activities
are manufacturer and
exporter various kinds
of fine gold,
silver and platinum
jewelry, such as
rings, pendants, earrings,
necklaces, bangles, brooches
and etc. under it own brand name “BELLE
ETOILE”, as well as
customers’ own brands.
PRODUCTIONS
By customer’s order
IMPORT [COUNTRIES]
60% of
raw materials such
as precious stones
and gold are
imported from India,
Japan, Hong Kong,
Pakistan, Europe and
South Africa, the
remaining 40% are
purchased from local
suppliers.
EXPORT [COUNTRY]
95% of the products
is exported to overseas
dealers in United States
of America, European
& Asian countries
and Australia.
LOCAL SALES
5% of the products is
marketed locally through
Oroplus [Thailand] Ltd.
SUBSIDIARY AND
AFFILIATED COMPANY
Oroplus [Thailand]
Co., Ltd.
Country : Thailand
Business Type : Distributor
of jewelry products
LITIGATIONS
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
Purchasing terms are
by cash or
on the credits of 30-60-90 days.
Imports are by
L/C at sight and T/T.
Exports are against
L/C at sight and T/T.
BUSINESS TRANSACTION
In term
of sales, the
subject exports the
products to overseas
dealers by L/C
at sight and
T/T. The subject
is found to
have around 10% - 20% of late payment from
its customers.
In term
of purchasing, the
subject is granted
maximum credit of
90 days from
its suppliers. Occasionally, the subject is
found to have
around 5% - 10% of
late payment to
its suppliers.
BANKING
Siam City
Bank Public Co., Ltd.
[Head
Office : 1101 New
Petchburi Rd., Makkasan,
Rajthevee, Bangkok 10400]
[Ladkrabang Branch :
222/129 Ladkrabang Rd.,
Ladkrabang, Bangkok]
Bangkok Bank
Public Co., Ltd.
[Ladkrabang
Branch : 223
Moo 1, Onnuch-Ladkrabang
Rd., Ladkrabang, Bangkok 10520]
EMPLOYMENT
The subject employs
approximately 1,000 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for operating
administrative office, factory
and warehouse at
291 Moo 4,
Ladkrabang Industrial Estate,
Zone 3, Chalongkrung Rd., Lamplatiew, Ladkrabang,
Bangkok 10520. It
is located on
6,400 square meters
in an industrial area.
COMMENT
The subject is one of the country’s leading jewelry manufacturer and
exporter under the trademark by its
customers. The products are mostly exported to overseas countries. The company
has expanded its manufacture and
production capacity, in order to
support the sale growth.
With most of
its customers are
in USA and European countries,
which are now
facing economic turmoil,
this may affect
the company’s income
and net profit
in the near future.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The capital was
increased later as
followings:
Bht.
10 million on
March 22, 1990
Bht.
15 million on
January 29, 1993
Bht.
20 million on
January 9, 1998
Bht.
150 million on
April 19, 2004
The latest
registered capital was
increased to Bht. 150,000,000 divided into 150,000,000
shares of Bht.
1 each with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 24,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Boontung
Techamatavorn Nationality: Thai Address : 9/29-31
Moo 11, Bangna,
Bangkok |
82,186,700 |
54.79 |
|
Estelle Public Co., Ltd. Nationality: Japanese Address : 2-5-5
Gaji-Su, Shiyokaku, Tokyo
Japan |
12,000,000 |
8.00 |
|
Ms. Sriprae
Techamatavorn Nationality: Thai Address : 3364/1 Rama
4 Rd., Klongton, Klongtoey, Bangkok |
8,743,000 |
5.83 |
|
Mr. Vichien Limcharoen Nationality: Thai Address :
- |
6,879,100 |
4.59 |
|
DBS Vickers
Securities [Singapore] Pte.
Ltd. Nationality: Singaporean Address : Singapore |
6,000,000 |
4.00 |
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Mr. Mingchai Piyamanothamkul Nationality: Thai Address : - |
5,520,000 |
3.68 |
|
Mr.
Puchong Techamatavorn Nationality: Thai Address : 28/30 Moo
17, Praves, Bangkok |
4,880,000 |
3.25 |
|
Mr. Porngpol Techamatavorn Nationality: Thai Address :
-
|
3,990,000 |
2.66 |
|
Ms.
Sasipin Techamatavorn Nationality: Thai Address : 58/1
Moo 7, Nongjok,
Bangkok |
3,440,000 |
2.29 |
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Mr.
Sitthichai Techamatavorn Nationality: Thai Address : 6 Trok
Chartered Bank [Charoenkrung 3] Bangrak, Bangkok |
3,440,000 |
2.29 |
|
Others |
12,921,200 |
8.62 |
Total Shareholders : 270
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Sumalee Chokedee-anand No. 5322
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
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Cash and deposit
with banks |
72,058,748 |
58,844,007 |
|
Trade accounts receivable - general customers-net |
340,421,444 |
276,358,130 |
|
- related company |
- |
4,319,945 |
|
Inventories |
272,358,970 |
239,361,526 |
|
Other current assets
|
5,493,085 |
6,371,965 |
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Total Current
Assets |
690,332,247 |
585,255,573 |
|
Restricted fixed deposit |
5,000,000 |
5,000,000 |
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Investments in subsidiaries |
24,650,172 |
22,227,173 |
|
Fixed assets |
195,903,136 |
198,584,884 |
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Deferred income tax-assets |
- |
3,318,235 |
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Other non-current assets |
317,009 |
1,086,609 |
|
Total Assets |
916,202,564 |
815,472,474 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
|
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Trade accounts payable - general suppliers |
36,820,111 |
35,838,625 |
|
- related company |
- |
25,875 |
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Other accounts payable |
11,095,543 |
11,124,390 |
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Income tax payable |
26,885,749 |
20,330,496 |
|
Advances from customers |
7,474,226 |
11,716,336 |
|
Other Current Liabilities |
11,936,174 |
7,734,000 |
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Total Current
Liabilities |
94,208,803 |
86,769,722 |
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Total Liabilities |
94,208,803 |
86,769,722 |
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Shareholders'
Equity |
|
|
|
Share capital-common shares
at Baht 1 par value |
|
|
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- Registered 150,000,000 shares |
150,000,000 |
150,000,000 |
|
- Issued and
paid-up 150,000,000 shares |
150,000,000 |
150,000,000 |
|
Premium on common
shares |
157,500,000 |
157,500,000 |
|
Surplus on revaluation of assets |
13,425,016 |
13,425,016 |
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Retained Earning |
|
|
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- Appropriated for statutory
reserve |
15,000,000 |
15,000,000 |
|
- Unappropriated |
486,068,745 |
392,777,736 |
|
Total
Shareholders' Equity |
821,993,761 |
728,702,752 |
|
Total
Liabilities & Shareholders' Equity |
916,202,564 |
815,472,474 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
1,704,012,800 |
1,254,437,125 |
|
Other Income |
2,268,857 |
2,551,033 |
|
Total Revenues
|
1,706,281,657 |
1,256,988,158 |
|
Expenses |
|
|
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|
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Cost of sales
|
1,325,318,977 |
956,101,408 |
|
Selling and administrative expenses |
135,065,425 |
131,502,938 |
|
Loss from impairment of investment in subsidiary |
4,400,000 |
- |
|
Directors’ remuneration |
1,770,000 |
1,895,000 |
|
Total Expenses |
1,466,554,402 |
1,089,499,346 |
|
Income Before Interest
Expenses and Income Tax |
239,727,255 |
167,488,812 |
|
Interest Expenses |
[3,256,398] |
[1,278,025] |
|
Income Tax |
[49,861,613] |
[32,961,898] |
|
Tax benefit |
- |
[498,692] |
|
Deferred income tax-assets with ten off |
[3,318,235] |
- |
|
Net Profit / [Loss] |
183,291,009 |
132,750,197 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
35.84 |
|
|
Operating Profit |
6.87 |
|
|
Net Profit |
38.07 |
|
|
Fixed Assets |
[1.35] |
|
|
Total Assets |
12.35 |
|
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Profitability |
|
|
|
Cost of Good
Sold |
77.78 |
76.22 |
|
Operating Profit Margin |
14.43 |
13.50 |
|
S & A
Expenses |
7.93 |
10.48 |
|
Interest Paid |
0.19 |
0.10 |
|
Other Revenues |
0.13 |
0.20 |
|
Net Profit Margin |
10.76 |
10.58 |
|
Earning Per Shares |
1.22 |
0.89 |
|
No. of Shares |
150,000,000 |
150,000,000 |
Net Sales was
increased by 35.84%,
Operating Profit was
increased by 6.87%,
Net Profit was
increased by 38.07%,
Fixed Assets was
decreased by 1.35%,
Total Assets was
increased by 12.35%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 76.22%
to 77.78%, Operating
Profit Margin was
increased from 13.50%
to 14.43%, S
& A Expenses
was decreased from
10.48% to 7.93%,
Interest Paid was increased
from 0.10% to
0.19%, Other Revenues
was decreased from
0.20% to 0.13%,
Net Profit Margin
was increased from
10.58% to 10.76%.
Earning Per Shares
was increased from
0.89 baht per
share to 1.22
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
7.33 |
6.74 |
|
Quick-Assets Ratio |
4.38 |
3.91 |
Current Ratio was
increased from 6.74
to 7.33, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
3.91 to 4.38,
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 |
0.11 |
0.12 |
|
Times Interest Earned |
75.51 |
132.54 |
D/E Ratio was
decreased from 0.12
to 0.11, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low, Times
Interest Earned was
decreased from 132.54
to 75.51, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
8.70 |
6.32 |
|
Total Assets Turnover |
1.86 |
1.54 |
|
Return on Assets |
20.01 |
16.28 |
|
Return on Equity |
22.30 |
18.22 |
|
Day's Payable |
7.78 |
10.29 |
|
Day’s Inventories |
57.54 |
68.69 |
|
Day’s Receivables |
71.92 |
79.31 |
Fixed Assets Turnover
was increased from
6.32 times to
8.70 times, Total
Assets Turnover was
increased from 1.54
times to 1.86
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
16.28 to 20.01,
Return on Equity
was increased from
18.22 to 22.30,
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
69 days to
58 days, and
Day’s Receivables was
decreased from 80
days to 72
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%)