MIRA INFORM REPORT
|
Report Date : |
13.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UTOPIA JEWELLERY LTD. |
|
|
|
|
Registered Office : |
60 - 71
Moo 13, Suksawad Road,
T. Bangpueng, A. Phrapradaeng,
Samutprakarn 10130 |
|
|
|
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Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2007 |
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|
|
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Year of Establishment : |
1999 |
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|
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|
Com. Reg. No.: |
0105542057968 [Former:
921/2542] |
|
|
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Legal Form : |
Private
Limited Company |
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|
|
|
Line of Business : |
Manufacturer and Exporter of Jewellery 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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
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Litigation : |
Clear |
Name
UTOPIA JEWELLERY
LTD.
SUMMARY
BUSINESS ADDRESS : 60-71 MOO 13, SUKSAWAD ROAD,
T. BANGPUENG
A.
PHRAPRADAENG, SAMUTPRAKARN 10130
TELEPHONE : [66]
2818-0601-3, 2818-0606-10
FAX : [66] 2828-0601
E-MAIL ADDRESS : sales@utopia.thai.com, personnel@utopia-thai.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO.
: 0105542057968 [Former: 921/2542]
CAPITAL REGISTERED
: BHT.
50,000,000
CAPITAL PAID-UP
: BHT.
50,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. JOSEP CHILON, CANADIAN
PRESIDENT
NO. OF
STAFF : 270
LINES OF
BUSINESS : JEWELLERY PRODUCTS
MANUFACTURER AND
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 August 9,
1999 as a
private limited company under the name style
“UTOPIA JEWELLERY LTD.” by
foreign groups, in
order to manufacture
jewellery products for
exports. It currently
employs approximately 270
staff.
The subject’s registered address is 60-71 Moo 13, Suksawad
Rd., Bangpueng, Phrapradaeng, Samutprakarn 10130, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Josep Chilon |
|
Canadian |
50 |
|
Mr. Shmuel Cohen |
|
Israeli |
40 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Josep Chilon is
the President
He is Canadian nationality with
the age of
50 years old.
Mr. Shmuel Cohen is
the Managing Director.
He is Israeli nationality with
the age of
40 years old.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing and exporting
various kinds of
jewelry products such as
chain, bracelet, ring,
barrette, earring, necklace,
pin, cuff link,
tie pin, tie
bar and etc., under
customers’ orders and
brands.
PURCHASE
Raw materials
such as silver,
gold, diamond, gemstone
and accessories are
purchased from suppliers
in both domestic
and overseas, such
as France, India,
Hong Kong, Japan
and Africa.
EXPORT
100% of the
products is exported
to India, Malaysia,
Hong Kong, Singapore,
France, United Kingdom,
U.S.A., Australia, Italy,
Switzerland, Austria and
Middle East 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
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
Kasikornbank Public Co., Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok]
EMPLOYMENT
The
subject employs approximately 270 staff.
LOCATION DETAILS
The
premise is rented
for administrative office, factory
and warehouse at
the heading address.
Premise is located
in industrial area.
REMARK
CREDIT
OF US$ 500,000 ON D/A
TERM SHOULD BE
IN ORDER.
COMMENT
The subject has expanded to become an international gem and jewellery
business, with well reputation. While
being recognized as a leading in Thailand’s gem and jewellery industry, the
subject also boasted clients around the
world. The subject produces medium to high-end products with sophisticated
design and high technology.
Most of the products have been
marketed in international markets.
The subject also
maintained its healthy
sales in 2007.
FINANCIAL INFORMATION
The
capital was initially registered
at Bht. 10,000,000 divided
into 100,000 shares of
Bht. 100 each.
On
March 21, 2000 the
capital was increased
to Bht. 50,000,000 divided
into 500,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Josep Chilon Nationality: Canadian Address : Ontario,
Canada |
499,994 |
100.00 |
|
Ms. Gilla Chilon Nationality: Canadian Address : Ontario,
Canada |
1 |
- |
|
Mr. Jagutnarin Tagi Nationality: Canadian Address : Ontario,
Canada |
1 |
- |
|
Ms. Zefra Chilon Nationality: Canadian Address : Ontario,
Canada |
1 |
- |
|
Mrs. Itria Zeminara Nationality: Canadian Address : Ontario,
Canada |
1 |
- |
|
Mr.Duglas Wood Nationality: Canadian Address : Ontario,
Canada |
1 |
- |
|
Mrs. Lora Fiscaletti Nationality: Canadian Address : Ontario,
Canada |
1 |
- |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Sunee Sornchaitanasuk No. 3733
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in Hand & at Bank |
73,113.58 |
4,069,614.62 |
|
Short Term Investment |
7,454,350.19 |
4,935,199.95 |
|
Trade Accts. Receivable |
|
|
|
Related company |
7,732,351.75 |
22,017,918.83 |
|
Other company |
6,024,512.06 |
442,872.23 |
|
Receivable-Sales Department |
5,052,321.83 |
2,872,757.39 |
|
Inventories |
473,780,676.42 |
421,437,689.93 |
|
Other Current Assets |
4,432,681.81 |
4,944,887.27 |
|
Total Current Assets
|
504,550,007.64 |
460,720,940.22 |
|
|
|
|
|
Fixed Assets |
25,132,013.16 |
23,228,643.97 |
|
Other Assets |
2,572,950.00 |
3,825,135.18 |
|
Total Assets |
532,254,970.80 |
487,774,719.37 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft |
6,299,610.44 |
- |
|
Trade Accts. Payable |
420,576,031.13 |
400,396,082.64 |
|
Payable Director-Non Interest
|
1,858,714.60 |
18,764,979.89 |
|
Current Portion of
Hire-Purchase Payable |
3,779,804.84 |
5,166,592.20 |
|
Accrued Income Tax |
1,709,869.50 |
2,473,276.25 |
|
Other Current Liabilities |
43,764,902.21 |
9,737,403.04 |
|
Total Current Liabilities |
477,988,932.72 |
436,538,334.02 |
|
Hire-Purchase Payable Net
of Current Portion |
2,432,619.77 |
3,881,322.74 |
|
Total Liabilities |
480,421,552.49 |
440,419,656.76 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 500,000 shares |
50,000,000.00 |
50,000,000.00 |
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
|
Retained Earning -
Unappropriated |
1,833,418.31 |
[2,644,937.39] |
|
Total Shareholders' Equity |
51,833,418.31 |
47,355,062.61 |
|
Total Liabilities & Shareholders' Equity |
532,254,970.80 |
487,774,719.37 |
PROFIT & LOSS ACCOUNT
|
Sales |
2007 |
2006 |
|
|
|
|
|
Sales |
902,485,489.43 |
820,023,235.13 |
|
Other Income |
34,932,459.88 |
53,843,369.89 |
|
Total Saless |
937,417,949.31 |
873,866,605.02 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
885,466,274.76 |
829,076,580.11 |
|
Selling & Administrative Expenses |
44,274,895.11 |
34,867,011.28 |
|
Total Expenses |
929,741,169.87 |
863,943,591.39 |
|
Profit / [Loss] Before
Interest Expenses & Income Tax |
7,676,779.44 |
9,923,013.63 |
|
Interest Expenses |
[886,594.06] |
[581,905.85] |
|
Income Tax |
[2,311,829.68] |
[3,124,276.25] |
|
Net Profit / [Loss] |
4,478,355.70 |
6,216,831.53 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
10.06 |
|
|
Operating Profit |
[29.71] |
|
|
Net Profit |
[27.96] |
|
|
Fixed Assets |
8.19 |
|
|
Total Assets |
9.12 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
98.11 |
101.10 |
|
Operating Profit Margin |
0.85 |
1.21 |
|
S & A
Expenses |
4.91 |
4.25 |
|
Interest Paid |
0.10 |
0.07 |
|
Other Saless |
3.87 |
6.57 |
|
Net Profit Margin |
0.50 |
0.76 |
|
Earning Per Shares |
8.96 |
12.43 |
|
No. of Shares |
500,000 |
500,000 |
Net Sales was
increased by 10.06%,
Operating Profit was decreased by
29.71%, Net Profit
was decreased by
27.96%, Fixed Assets
was increased by
8.19%, Total Assets
was increased by
9.12%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 101.10%
to 98.11%, Operating
Profit Margin was
decreased from 1.21%
to 0.85%, S
& A Expenses
was increased from
4.25% to 4.91%,
Interest Paid was increased
from 0.07% to
0.10%, Other Saless
was decreased from
6.57% to 3.87%,
Net Profit Margin
was decreased from
0.76% to 0.50%.
Earning Per Shares was decreased from 12.43 baht per share to 8.96 baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.06 |
1.06 |
|
Quick-Assets Ratio |
0.06 |
0.08 |
Current Ratio was
increased from 1.06
to 1.06, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.08 to 0.06,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
9.27 |
9.30 |
|
Times Interest Earned |
8.66 |
17.05 |
D/E Ratio was
decreased from 9.30
to 9.27, 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 17.05
to 8.66, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
35.91 |
35.30 |
|
Total Assets Turnover |
1.70 |
1.68 |
|
Return on Assets |
0.84 |
1.27 |
|
Return on Equity |
8.64 |
13.13 |
|
Day's Payable |
167.77 |
175.78 |
|
Day’s Inventories |
188.99 |
185.02 |
|
Day’s Receivables |
2.40 |
0.19 |
Fixed Assets Turnover
was increased from
35.30 times to
35.91 times, Total
Assets Turnover was
increased from 1.68
times to 1.70
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
1.27 to 0.84,
Return on Equity
was decreased from
13.13 to 8.64,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 176
days to 168
days, while Day’s
Inventories was increased
from 186 days
to 189 days, and Day’s
Receivables was increased
from 1 days to 3
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
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%)