MIRA
INFORM REPORT
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Report Date : |
16.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
LITHOS CO., LTD. |
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Registered Office : |
123/15-16 Nonsee Road,
Chongnonsi, Yannawa,
Bangkok 10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
11.05.2000 |
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Com. Reg. No.: |
0105543045017 |
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Legal Form : |
Private 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
LITHOS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 123/15-16 NONSEE ROAD, CHONGNONSI,
YANNAWA, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2681-2189-91
FAX : [66] 2681-2187
E-MAIL
ADDRESS : lithos@loxinfo.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION NO. : 0105543045017
[Former : 679/2543]
CAPITAL REGISTERED : BHT. 34,000,000
CAPITAL PAID-UP : BHT. 34,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PIERRE NAOUM NASSIF, LEBANESE
MANAGING DIRECTOR
NO.
OF STAFF : 84
LINES
OF BUSINESS : JEWELRY PRODUCTS
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 May 11,
2000 as a
private limited company under the name style
LITHOS CO., LTD.,
by a multi-nation groups,
in order to
manufacture and market
jewelry products to
international markets. It
currently employs 84
staff. The subject
is a subsidiary of Shine
Enterprises Ltd. in
Cyprus.
The
subject’s registered and business address was initially
located at 99/470-471 Narathiwas
Ratchanakarin Rd., Chongnonsi,
Yannawa, Bangkok 10120
In
2008, it was
relocated at 123/15-16
Nonsee Rd., Chongnonsi,
Yannawa, Bangkok 10120,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
Mr. Pierre Naoum
Nassif
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pierre Naoum
Nassif is the Managing Director.
He is Lebanese nationality with
the age of
48 years old.
Mr. Elic Naoum
Nassif is the Production Manager.
He is Lebanese nationality.
Ms. Kulwadee Kornkasem
is the Office Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and designing various
kinds of gold
and platinum jewelry
products, including chain,
necklace, bracelet, pin,
ring, earring and
etc.
PURCHASE
Raw materials such
as diamond and
gemstones as well
as accessories are
purchased from supplier
both local and
overseas, such as
India, Hong Kong,
Malaysia, Belgium and
Russia.
EXPORT
100% of the
products is exported
to customers in
U.S.A, Asia and
European countries.
PARENT COMPANY
Shine Enterprise Co.,
Ltd. : Cyprus
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
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 84
staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
commercial/residential area.
The subject
was relocated it business address from
99/470-471 Narathiwas Ratchanakarin
Rd., Chongnonsi, Yannawa,
Bangkok 10120, to
the current address
in 2008.
COMMENT
The
subject was formed
in 2000 as
a manufacture and
exporter of jewelry
products. The subject posted
its sales revenue
in 2006 higher than
in 2005 approximately 28.9 million baht.
However, consumption slowdown
of jewelry products
has emerged from
economic uncertainty, higher
oil price, high
inflation and limit
consumer spending. Sales
in 2007 has
been slowing down
as well as
growth is expected
to be at slow pace
this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht. 100 each.
The
capital was increased
later as following:
Bht. 10,000,000 on February 21,
2002
Bht. 20,000,000 on July 26,
2002
Bht. 30,000,000 on February 4,
2003
Bht. 34,000,000 on December 1,
2004
The
latest registered capital
was increased to
Bht. 34,000,000 divided into
340,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2006]
|
NAME |
HOLDING |
% |
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Shine Enterprises Ltd. Nationality: Cyprus Address : Marian,
Lazana, Cyprus |
213,500 |
62.78 |
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Mr. Pierre Naoum
Nassif Nationality: Lebanese Address : 99/471-1
Narathiwas Ratchanakarin Rd.,
Chongnonsi, Yannawa, Bangkok |
124,000 |
36.47 |
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Mr. Karim Kuri Nationality: American Address : 9
Reimile El Maten,
Beirut, Lebanon |
500 |
0.15 |
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Mrs. Mona Hillani
Nassif Nationality: Lebanese Address : 9 Reimile El
Maten, Beirut, Lebanon |
500 |
0.15 |
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Mr. Eily Naoum
Nassif Nationality: Lebanese Address : 9
Reimile El Maten,
Beirut, Lebanon |
500 |
0.15 |
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Ms. Trecy Pierre
Nassif Nationality: Lebanese Address : 9
Reimile El Maten,
Beirut, Lebanon |
500 |
0.15 |
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Ms. Tifany Pierre
Nassif Nationality: Lebanese Address : 9
Reimile El Maten,
Beirut, Lebanon |
500 |
0.15 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Jarin Limpachote No.
1983
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
|
7,766,563.73 |
4,339,180.41 |
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Trade Accts. Receivable |
35,649,984.59 |
15,676,597.11 |
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Inventories |
80,545,345.15 |
71,307,022.32 |
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Other Current Assets
|
1,881,068.01 |
1,847,824.59 |
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Total Current
Assets |
125,842,961.48 |
93,170,624.43 |
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Fixed Assets |
22,881,547.28 |
15,789,565.92 |
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Other Assets |
54,700.00 |
54,700.00 |
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Total Assets |
148,779,208.76 |
109,014,890.35 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Trade Accts. Payable |
35,165,567.71 |
41,485,260.75 |
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Other Current Liabilities |
78,416,695.12 |
32,867,106.38 |
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Total Current
Liabilities |
113,582,262.83 |
74,352,367.13 |
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Total Liabilities |
113,582,262.83 |
74,352,367.13 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 340,000 shares |
34,000,000.00 |
34,000,000.00 |
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Capital Paid |
34,000,000.00 |
34,000,000.00 |
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Retained Earning - Unappropriated |
1,196,945.93 |
662,523.22 |
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Total
Shareholders' Equity |
35,196,945.93 |
34,662,523.22 |
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Total
Liabilities & Shareholders' Equity |
148,779,208.76 |
109,014,890.35 |
PROFIT & LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
106,309,297.08 |
78,624,078.89 |
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Other Income |
2,529,817.91 |
1,280,851.72 |
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Total Revenues
|
108,839,114.99 |
79,904,930.61 |
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Expenses |
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Cost of Goods
Sold |
99,094,349.61 |
73,354,008.60 |
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Selling & Administrative Expenses |
8,917,938.67 |
6,042,759.07 |
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Total Expenses |
108,012,288.28 |
79,396,767.67 |
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Profit / [Loss] Before Income
Tax |
826,826.71 |
508,162.94 |
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Income Tax |
[292,404.00] |
[169,172.40] |
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Net Profit / [Loss] |
534,422.71 |
338,990.54 |
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Retained Earning [deficit], beginning
of year |
662,523.22 |
323,532.68 |
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Retained Earning,
end of year |
1,196,945.93 |
662,523.22 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
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Net Sales |
35.21 |
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Operating Profit |
20.34 |
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Net Profit |
57.65 |
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Fixed Assets |
44.92 |
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Total Assets |
36.48 |
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Profitability |
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Cost of Good
Sold |
93.21 |
93.30 |
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Operating Profit Margin |
0.78 |
0.65 |
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S & A
Expenses |
8.39 |
7.69 |
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Other Revenues |
2.38 |
1.63 |
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Net Profit Margin |
0.50 |
0.43 |
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Earning Per Shares |
1.57 |
1.00 |
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No. of Shares |
340,000 |
340,000 |
Net Sales was
increased by 35.21%,
Operating Profit was
increased by 20.34%,
Net Profit was
increased by 57.65%,
Fixed Assets was
increased by 44.92%,
Total Assets was
increased by 36.48%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 93.30%
to 93.21%, Operating
Profit Margin was
increased from 0.65%
to 0.78%, S
& A Expenses
was increased from
7.69% to 8.39%,
Other Revenues was
increased from 1.63%
to 2.38%, Net
Profit Margin was
increased from 0.43%
to 0.50%.
Earning Per Shares
was increased from
1.00 baht per
share to 1.57
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
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Current Ratio |
1.11 |
1.25 |
|
Quick-Assets Ratio |
0.38 |
0.27 |
Current Ratio was
decreased from 1.25
to 1.11, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
so good, Quick-Assets Ratio was increased
from 0.27 to
0.38, capacity to
pay Short Term
Loan was not
good, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
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D/E Ratio |
3.23 |
2.15 |
D/E Ratio was
increased from 2.15
to 3.23, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
4.65 |
4.98 |
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Total Assets Turnover |
0.71 |
0.72 |
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Return on Assets |
0.36 |
0.31 |
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Return on Equity |
1.52 |
0.98 |
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Day's Payable |
119.08 |
189.95 |
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Day’s Inventories |
272.75 |
326.50 |
|
Day’s Receivables |
120.72 |
71.78 |
Fixed Assets Turnover
was decreased from
4.98 times to
4.65 times, Total
Assets Turnover was
decreased from 0.72
times to 0.71
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 0.31 to
0.36, Return on
Equity was increased
from 0.98 to
1.52, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 190
days to 120
days, and Day’s
Inventories was decreased
from 327 days
to 273 days, while Day’s
Receivables was increased
from 72 days
to 121 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.17 |
|
UK Pound |
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.68.68 |
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 |
|
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%)