MIRA
INFORM REPORT
|
Report Date : |
03.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
V & P
JEWELLERY COMPANY LIMITED |
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Registered Office : |
150 Krungthonburi Road, Klongtonsai, Klongsan, Bangkok 10600, |
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Country : |
Thailand |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
0105529026434 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer,
Exporter and Distributor of Jewelry Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
V & P JEWELLERY COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 150 KRUNGTHONBURI ROAD, KLONGTONSAI, KLONGSAN,
BANGKOK 10600, THAILAND
TELEPHONE : [66] 2438-4000
FAX : [66] 2438-4009
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1986
REGISTRATION NO. : 0105529026434
CAPITAL REGISTERED : BHT. 60,000,000
CAPITAL PAID-UP : BHT. 60,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. VITHAYA NARATHASAJAN, THAI MANAGING DIRECTOR
NO. OF STAFF : 120
LINES OF BUSINESS : FINE JEWELRY PRODUCTS
MANUFACTURER, EXPORTER AND DISTRIBUTOR
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 4, 1986 as a private limited company under the name style V & P JEWELLERY COMPANY LIMITED by Thai groups, with the business objective to manufacture various styles of fine jewelry products for domestic and export markets. It currently employs approximately 120 staff.
The subject’s registered address is 150 Krungthonburi Rd., Klongtonsai, Klongsan, Bangkok 10600, and this is the subject’s current operation address.
THE BOARD
OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Vithaya Narathasajan |
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Thai |
58 |
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Mrs. Panee Narathasajan |
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Thai |
58 |
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Ms. Ploy Narathasajan |
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Thai |
30 |
AUTHORIZED PERSON
One of the above directors can sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Vithaya Narathasajan is the Managing Director.
He is Thai nationality with the age of 58 years old.
Ms. Ploy Narathasajan is the General Manager.
She is Thai nationality with the age of 30 years old.
BUSINESS OPERATIONS
The subject is engaged in manufacturing various styles of fine jewelry in 14k and 18k gold.
IMPORT
Raw materials, mainly diamond and precious stone are imported from India, Belgium and Hong Kong.
SALES
80% of the products is exported to U.S.A., Hong Kong, Japan, Taiwan and other countries in Europe.
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 L/C at sight or T/T.
Exports are against T/T.
BANKING
Kasikornbank Public Co., Ltd.
EMPLOYMENT
The subject employs approximately 120 office staff and factory workers.
LOCATION DETAILS
The premise is owned for administrative office and factory at the heading address. Premise is located in commercial/residential area.
COMMENT
The subject still maintains its good business despite slow consumption in domestic market. Export markets were the key to drive its sales in the past year. However, current slow consumption in both domestic and export markets has slowdown its sales revenue in 2007.
FINANCIAL INFORMATION
The capital was registered at Bht. 5,000,000 divided into 50,000 shares of Bht. 100 each.
On October 11, 2007, the capital was increased to Bht. 60,000,000 divided into 600,000 shares of Bht. 100 each with fully paid.
THE SHAREHOLDERS LISTED WERE : [as at September 7, 2007]
|
NAME |
HOLDING |
% |
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Mr. Vithaya Narathasajan Nationality: Thai Address : 6 Ramkhamhaeng Rd., Huamark, Bangkapi, Bangkok |
228,000 |
38.00 |
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Mrs. Panee Narathasajan Nationality: Thai Address : 150 Krungthonburi Rd., Klongtonsai, Klongsan, Bangkok |
228,000 |
38.00 |
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Ms. Ploy Narathasajan Nationality: Thai Address : 159 Moo 9, Dokmai, Praves, Bangkok |
42,000 |
7.00 |
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Ms. Thip Narathasajan Nationality: Thai Address : 159 Moo 9, Dokmai, Praves, Bangkok |
42,000 |
7.00 |
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Mr. Pruth Narathasajan Nationality: Thai Address : 106/2 Moo 7, Bangkrang, Muang, Nonthaburi |
42,000 |
7.00 |
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Pa and Wit Asset Co., Ltd. Nationality: Thai Address : 6 Ramkhamhaeng 35 Rd., Huamark, Bangkapi, Bangkok |
9,000 |
1.50 |
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L S Estate Co., Ltd. Nationality: Thai Address : 6 Ramkhamhaeng 35 Rd., Huamark, Bangkapi, Bangkok |
9,000 |
1.50 |
Total Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Chatree Siripanichakarn No. 2538
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 |
5,913,521.83 |
3,288,938.94 |
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Trade Accts. & Notes Receivable |
38,872,296.39 |
52,986,955.46 |
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Finished Goods & Inventories |
121,381,491.51 |
146,791,349.51 |
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Raw Material |
76,527,340.82 |
95,190,388.21 |
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Other Current Assets |
11,751,955.58 |
22,270,634.18 |
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Total Current Assets |
254,446,606.13 |
320,528,266.30 |
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Long Term Investment |
6,150,000.00 |
6,150,000.00 |
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Fixed Assets |
43,053,150.78 |
45,567,429.80 |
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Other Assets |
6,038.94 |
297,255.81 |
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Total Assets |
303,655,795.85 |
372,542,951.91 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Bank Overdraft |
5,837,226.39 |
15,066.43 |
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Promissory Notes |
145,000,000.00 |
123,500,000.00 |
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Trade Accts. Payable & Payable Raw Material |
16,045,732.97 |
26,149,187.11 |
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Other Current Liabilities |
84,109,986.79 |
176,448,051.18 |
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Total Current Liabilities |
250,992,946.15 |
326,112,304.72 |
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Total Liabilities |
250,992,946.15 |
326,112,304.72 |
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Shareholders' Equity |
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Share capital : Baht 100 par value authorized, issued and fully paid share capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning - Unappropriated |
47,662,849.70 |
41,430,647.19 |
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Total Shareholders' Equity |
52,662,849.70 |
46,430,647.19 |
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Total Liabilities & Shareholders' Equity |
303,655,795.85 |
372,541,951.91 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales Local |
2,823,470.09 |
1,481,480.37 |
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Sales Foreign |
179,951,081.94 |
145,083,937.26 |
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Export Goods |
76,217,534.14 |
89,372,133.67 |
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Less: Refundable & Discount |
[47,932.95] |
[33,451.61] |
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|
258,944,153.22 |
235,904,099.69 |
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Gain on Exchange Rate |
12,206,400.51 |
[2,925,942.49] |
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Gain on Sales of Assets |
27,235.13 |
2,990,654.21 |
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Interest Income Tax |
71,319.00 |
58,695.23 |
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Other Income |
276,000.00 |
210,000.00 |
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Total Revenues |
271,525,107.86 |
236,237,506.64 |
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Expenses |
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Cost of Goods Sold |
214,343,284.32 |
180,112,032.75 |
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Selling & Administrative Expenses |
47,516,981.41 |
46,647,175.04 |
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Total Expenses |
261,860,265.73 |
226,759,207.79 |
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Profit / [Loss] Before Interest Expenses & Income Tax |
9,664,842.13 |
9,478,298.85 |
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Interest Expenses |
[435,810.76] |
[1,138,330.08] |
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Income Tax |
[2,996,828.86] |
[2,960,467.58] |
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Net Profit / [Loss] |
6,232,202.51 |
5,379,501.19 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
9.77 |
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Operating Profit |
[7.10] |
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Net Profit |
15.85 |
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Fixed Assets |
[5.52] |
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Total Assets |
[18.49] |
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Profitability |
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Cost of Good Sold |
82.78 |
76.35 |
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Operating Profit Margin |
3.73 |
4.02 |
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S & A Expenses |
18.35 |
19.77 |
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Interest Paid |
0.17 |
0.48 |
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Other Revenues |
4.86 |
0.14 |
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Net Profit Margin |
2.41 |
2.28 |
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Earning Per Shares |
124.64 |
107.59 |
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No. of Shares |
50,000 |
50,000 |
Net Sales was increased by 9.77%, Operating Profit was decreased by 7.10%, Net Profit was increased by 15.85%, Fixed Assets was decreased by 5.52%, Total Assets was decreased by 18.49%.
Compare each cost with sales, Cost of Good Sold was increased from 76.35% to 82.78%, Operating Profit Margin was decreased from 4.02% to 3.73%, S & A Expenses was decreased from 19.77% to 18.35%, Interest Paid was decreased from 0.48% to 0.17%, Other Revenues was increased from 0.14% to 4.86%, Net Profit Margin was increased from 2.28% to 2.41%.
Earning Per Shares was increased from 107.59 baht per share to 124.64 baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.01 |
0.98 |
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Quick-Assets Ratio |
0.18 |
0.17 |
Current Ratio was increased from 0.98 to 1.01, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, Quick-Assets Ratio was increased from 0.17 to 0.18, 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 |
4.77 |
7.02 |
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Times Interest Earned |
22.18 |
8.33 |
D/E Ratio was decreased from 7.02 to 4.77, show the company had fund from Loan more than fund from Equity, investment risked of the company is high, Times Interest Earned was increased from 8.33 to 22.18, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
6.01 |
5.18 |
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Total Assets Turnover |
0.85 |
0.63 |
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Return on Assets |
2.05 |
1.44 |
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Return on Equity |
11.83 |
11.59 |
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Day's Payable |
22.31 |
39.90 |
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Day’s Inventories |
275.14 |
369.27 |
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Day’s Receivables |
54.04 |
80.86 |
Fixed Assets Turnover was increased from 5.18 times to 6.01 times, Total Assets Turnover was increased from 0.63 times to 0.85 times, show the company could use Assets so efficiently, Return on Assets was increased from 1.44 to 2.05, Return on Equity was increased from 11.59 to 11.83, capacity to use Assets to make profit was good.
Day's Payable was decreased from 40 days to 23 days, Day’s Inventories was decreased from 370 days to 276 days, and Day’s Receivables was decreased from 81 days to 55 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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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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%)