MIRA
INFORM REPORT
|
Report Date : |
09.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
JACOB’S
JEWELRY CO., LTD. |
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Registered Office : |
232 - 236 Mahesak Soi
2 Road, Suriyawongse, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
31.07.2000 |
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Com. Reg. No.: |
0105543071085 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of Diamond Jewelry |
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
JACOB’S JEWELRY
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 232 - 236 MAHESAK SOI 2
ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2635-6104-6, 2635-6440
FAX : [66] 2635-8701
E-MAIL
ADDRESS : hoving@jacobjewelry.net
sales@jacobjewelry.net
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION NO. : 0105543071085
[Former : 1081/2543]
CAPITAL REGISTERED : BHT. 14,000,000
CAPITAL PAID-UP : BHT. 14,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
OHANES AGOPIAN AGOP,
SYRIAN
MANAGING DIRECTOR
NO. OF STAFF : 100
LINES
OF BUSINESS : DIAMOND JEWELRY MANUFACTURER
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The subject was
established on July
31, 2000 as
a private limited
company under the
name style JACOB’S JEWELRY
CO., LTD. by foreign
groups, in order
to manufacture diamond
jewelry products for
export markets. It currently employs approximately 100 staff.
It was granted a promotional
privilege from the
Board of Investment
[BOI] for jewelry
production under the
promotion certificate No.
1472/2543.
Subject is a
member of JB
Group of companies,
which the headquarter
is in India.
The subject’s registered
address is 232 - 236
Mahesak Soi 2
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
company’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
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|
Mr. Ohanes Agopian
Agop |
Syrian |
41 |
|
Mr. Veenu Vergibai
Kukadia |
Indian |
35 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Ohanes
Agopian Agop is
the Managing Director.
He is Syrian nationality with
the age of
41 years old.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing and
exporting various designs
of diamond jewelry
products such as
necklace, bracelet, pendant,
brooch, ring, earring,
cufflinks and etc.
PURCHASE
Diamonds, gemstones and
accessories are purchased
from both local
and overseas suppliers
and agents in
United Arab Emirates,
India and Hong
Kong.
MAJOR SUPPLIER
JB Diamonds Co.,
Ltd. : India
EXPORT [COUNTRY]
100% of the
products is exported
to Hong Kong,
India, Belgium, United Arab
Emirates, Republic of
China, U.S.A. and
European Countries.
MAJOR CUSTOMERS
Jacob’s Jewellery [Dubai]
Ltd. : United Arab Emirates
RELATED/AFFILIATED COMPANY
Sugem Int
Co., Ltd.
Business Type: Importer
and distributor of
diamonds
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 credit terms
of 30-60 days.
Imports are by
L/C at sight and T/T
on negotiated term.
Exports are against
L/C at sight or T/T
on negotiated term.
BUSINESS TRANSACTION
Local bills are
paid by cash
or on negotiated term, while
exports are against
L/C at sight or T/T.
The subject is
not found to
have problem on
both accounts receivable
and accounts payable.
BANKING
The Siam Commercial
Bank Public Co., Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 100 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for administrative office and factory
in a 4.5 storey building
of 3 row shop houses
at the heading address. It
is located in
a prime commercial
area.
COMMENT
Now Thai gems and jewelry are popular worldwide, and the country’s gem
and jewelry manufacturing sector has become one of Thailand’s biggest foreign
exchange earners.
The subject offers a full spectrum of gems and jewelry from high-end
custom pieces to mass produced accessories.
The subject manufacture of fine jewelry has become increasingly
contemporary leaders, both in upper-class and middle-class consumer
markets. It also offers sophisticated
designs and an elegant finish.
Its sales revenue were
decreased from slow
consumption in international markets.
FINANCIAL INFORMATION
The capital was
registered at Bht.
14,000,000 divided into
140,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Ohanes
Agopian Agop Nationality : Syrian Address : 232 - 236
Mahesak Soi 2
Rd., Suriyawongse,
Bangrak, Bangkok 10500 |
69,998 |
50.00 |
|
Mr. Veenu
Vergibai Kukadia Nationality : Indian Address : 232 - 236
Mahesak Soi 2
Rd., Suriyawongse,
Bangrak, Bangkok 10500 |
69,997 |
50.00 |
|
Mr. Watsay
Derderian Nationality : Syrian Address : 232 - 236
Mahesak Soi 2
Rd., Suriyawongse,
Bangrak, Bangkok 10500 |
1 |
- |
|
Mrs. Oach-channa M. Bamakzevian Nationality : Syrian Address : 232 - 236
Mahesak Soi 2
Rd., Suriyawongse,
Bangrak, Bangkok 10500 |
1 |
- |
|
Mr. Agop
Agopean Nationality : Syrian Address : Syria |
1 |
- |
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Mr. Blupendra
Shurani Nationality : Indian Address : 57 - 59
Shatam Rd., T.S.T.,
Kaoloon, Hong Kong |
1 |
- |
|
Mr. Jitendra
Shurani Nationality : Indian Address : New
York, U.S.A. |
1 |
- |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Maj. Gen. Montri
Thamanart No. 1144
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 & 2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
3,860,687.84 |
5,337,391.44 |
|
Trade Accts. Receivable |
380,695,339.97 |
377,919,481.84 |
|
Short-term Loan to
Related Person |
762,882.18 |
1,942,707.08 |
|
Inventories |
168,478,552.51 |
210,109,444.81 |
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Other Current Assets
|
887,492.95 |
3,578,877.94 |
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Total Current
Assets |
554,684,955.45 |
598,887,903.11 |
|
Office Automation |
1,540,330.96 |
891,833.25 |
|
Factory Equipment |
4,844,390.26 |
5,626,543.40 |
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Vehicle |
1,351,487.10 |
4,448,103.07 |
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Total Assets |
562,421,163.77 |
609,854,382.83 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
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Trade Accts. Payable |
459,720,862.62 |
478,090,300.34 |
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Advance Income from
Goods |
32,141,337.54 |
19,576,117.86 |
|
Accrued Expenses |
8,138,642.20 |
11,885,082.88 |
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Current Portion of
Long-term Loan |
4,320,000.00 |
4,320,000.00 |
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Other Current Liabilities |
270,293.20 |
- |
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Total Current
Liabilities |
504,591,135.56 |
513,871,501.08 |
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Other Long-term Loan |
25,668,273.37 |
66,358,279.13 |
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Total Liabilities |
530,259,408.93 |
580,229,780.21 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 140,000 shares |
14,000,000.00 |
14,000,000.00 |
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Capital Paid |
14,000,000.00 |
14,000,000.00 |
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Retained Earning -
Unappropriated |
18,161,754.84 |
15,624,602.62 |
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Total
Shareholders' Equity |
32,161,754.84 |
29,624,602.62 |
|
Total
Liabilities & Shareholders' Equity |
562,421,163.77 |
609,854,382.83 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
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|
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Sales |
408,254,394.96 |
495,823,529.56 |
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Other Income |
746,316.00 |
- |
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Total Revenues
|
409,000,710.96 |
495,823,529.56 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
371,072,311.20 |
441,739,690.14 |
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Selling & Administrative Expenses |
27,734,654.15 |
44,408,176.99 |
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Loss on Exchange
Rate |
3,859,145.46 |
4,608,339.34 |
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Total Expenses |
402,666,110.81 |
490,756,206.47 |
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Profit / [Loss] before Interest
Expenses & Income Tax |
6,334,600.15 |
5,067,323.09 |
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Interest Expenses |
[2,147,862.74] |
[167,876.71] |
|
Income Tax |
[1,649,585.19] |
[1,745,210.36] |
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Net Profit / [Loss] |
2,537,152.22 |
3,154,236.02 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[17.66] |
|
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Operating Profit |
27.95 |
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Net Profit |
[19.56] |
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Fixed Assets |
[29.46] |
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Total Assets |
[7.78] |
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Profitability |
|
|
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Cost of Good
Sold |
90.89 |
89.09 |
|
Operating Profit Margin |
2.50 |
1.95 |
|
S & A
Expenses |
6.79 |
8.96 |
|
Interest Paid |
0.53 |
0.03 |
|
Other Revenues |
0.18 |
0.00 |
|
Net Profit Margin |
0.62 |
0.64 |
|
Earning Per Shares |
18.12 |
22.53 |
|
No. of Shares |
140,000 |
140,000 |
Net Sales was
decreased by 17.66%,
Operating Profit was
increased by 27.95%,
Net Profit was
decreased by 19.56%,
Fixed Assets was
decreased by 29.46%,
Total Assets was
decreased by 7.78%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 89.09%
to 90.89%, Operating
Profit Margin was
increased from 1.95%
to 2.50%, S
& A Expenses
was decreased from
8.96% to 6.79%,
Interest Paid was increased
from 0.03% to
0.53%, Other Revenues
was increased from
0.00% to 0.18%,
Net Profit Margin
was decreased from
0.64% to 0.62%.
Earning Per Shares
was decreased from
22.53 baht per
share to 18.12
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.10 |
1.17 |
|
Quick-Assets Ratio |
0.76 |
0.75 |
Current Ratio was
decreased from 1.17
to 1.10, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.75 to 0.76,
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 |
16.49 |
19.59 |
|
Times Interest Earned |
4.75 |
57.64 |
D/E Ratio was
decreased from 19.59
to 16.49, 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 57.64 to
4.75, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
52.77 |
45.21 |
|
Total Assets Turnover |
0.73 |
0.81 |
|
Return on Assets |
0.45 |
0.52 |
|
Return on Equity |
7.89 |
10.65 |
|
Day's Payable |
405.38 |
347.12 |
|
Day’s Inventories |
148.56 |
152.55 |
|
Day’s Receivables |
335.70 |
274.39 |
Fixed Assets Turnover
was increased from
45.21 times to
52.77 times, Total
Assets Turnover was
decreased from 0.81
times to 0.73
times, show the company could
use Fixed Assets
so efficiently, Return
on Assets was
decreased from 0.52
to 0.45, Return
on Equity was
decreased from 10.65
to 7.89, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 348
days to 406
days, while Day’s
Inventories was decreased
from 153 days
to 149 days, but Day’s
Receivables was increased
from 275 days
to 336 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 |
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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%)