MIRA
INFORM REPORT
|
Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SUIHIANG JEWELLERY CO
LTD |
|
|
|
|
Registered Office : |
40 Gemopolis Industrial Estate, Soi 31, Sukhapiban 2 Road, Dokmai, Praves, Bangkok 10250 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Year of Establishment : |
2002 |
|
|
|
|
Com. Reg. No.: |
0105545076637 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter
of Gold Jewelry 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 |
|
|
|
|
Litigation : |
Clear |
Name
SUIHIANG JEWELLERY CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 40
GEMOPOLIS INDUSTRIAL ESTATE,
SOI 31,
SUKHAPIBAN 2
ROAD, DOKMAI, PRAVES,
BANGKOK 10250,
THAILAND
TELEPHONE : [66] 2727-0519-21
FAX : [66] 2727-0522
E-MAIL ADDRESS : suihingjewellery@yahoo.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2002
REGISTRATION NO.
: 0105545076637
CAPITAL
REGISTERED : BHT.
25,000,000
CAPITAL
PAID-UP : BHT. 25,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. NILESH KUMAR BHOLABHAI PATEL, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 20
LINES OF
BUSINESS : GOLD
JEWELRY PRODUCTS
MANUFACTURER, DISTRIBUTOR
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 July 26,
2002 as a
private limited company under the name style
SUIHIANG JEWELLERY CO.,
LTD., by Thai
and Indian groups,
with the business
objective to manufacturing service various kinds
of gold and
jewelry products to
both domestic and
oversea markets. It
currently employs approximately 20 staff.
The
subject’s registered address
is 40 Soi 31, Sukhapibal
2 Rd., Dokmai, Praves, Bangkok
10250, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nilesh Kumar Bholabhai
Patel |
|
Indian |
29 |
|
Mr. Kanubhai Ambalal Maniya |
|
Indian |
45 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Nilesh Kumar
Bholabhai Patel is
the Managing Director.
He is Indian nationality with
the age of
29 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing servicing various kinds
of 14k, 18k
solid gold jewelry
with diamond and
gemstone, including ring,
earring, pin, bangle
and bracelet, cufflink,
necklace, etc., according
to customer’s requirement
and brands.
PURCHASE
Its raw material
and components are
purchased from supplier
both in domestic
and overseas, mainly
in India, Hong
Kong and U.S.A.
SALES/ SERVICES
The products
are sold and
serviced to both
locally and overseas,
in U.S.A., Singapore,
Hong Kong, Middle
East and European
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
Sales and services
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
The banker’s name
was not disclosed.
EMPLOYMENT
The
subject employs approximately 20 staff.
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 was formed
in 2002 as
a manufacturing service
and exporting of fine
jewelry products. Subject reported
its sales revenue
in 2006 slightly
slower than the
previous year, however
current demand from
overseas markets is
slowing down, as
well as world
economic has been affected
from higher fuel
prices, which dent
into consumers spending.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000
divided into 40,000
shares of Bht.
100 each.
The
latest registered capital
was increased to
Bht. 25,000,000 divided into
250,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs.
Waichalee Nilesh Patel Nationality: Indian Address : Suraj,
India |
118,000 |
47.20 |
|
Ms.
Naowarat Aoonrue Nationality: Thai Address : 151/38
Moo 2, Thungkru,
Bangkok |
32,000 |
12.80 |
|
Ms. Nadda Sukanthong Nationality: Thai Address : 83/2
Moo 16, Jun,
Payao |
32,000 |
12.80 |
|
Mr. Narong
Kongthon Nationality: Thai Address : 134
Sukhumvit Rd., Klongtonnua, Wattana, Bangkok |
32,000 |
12.80 |
|
Mr.
Sathaporn Banterngkul Nationality: Thai Address : 54
Moo 7, Nayom,
Muang, Amnartcharoen |
29,500 |
11.80 |
|
Mr. Nilesh Kumar
Bholabhai Patel Nationality: Indian Address : Suraj,
India |
4,500 |
1.80 |
|
Mr.
Beehagay Dumar Bholabhai
Patel Nationality: Indian Address : Suraj,
India |
2,000 |
0.80 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Vimol Suthitivanich No.
7840
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
98,396.74 |
159,481.74 |
|
Trade Accts. Receivable |
45,662,483.40 |
25,094,531.22 |
|
Inventories |
51,857,040.39 |
39,439,435.85 |
|
Advanced to Related
Company |
- |
14,702,360.96 |
|
Advanced Goods |
240,000.00 |
388,600.03 |
|
Other Current Assets
|
270,049.92 |
218,552.94 |
|
Total Current
Assets |
98,127,970.45 |
80,002,962.74 |
|
|
|
|
|
Fixed Assets |
568,515.82 |
531,177.97 |
|
Other Assets |
112,000.00 |
144,000.00 |
|
Total Assets |
98,808,486.27 |
80,678,140.71 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable & Postdated Cheque |
48,604,593.89 |
29,403,894.16 |
|
Accrued Expenses |
145,733.46 |
109,049.75 |
|
Accrued Income Tax |
228,927.22 |
- |
|
Other Current Liabilities |
124,077.62 |
112,759.23 |
|
Total Current
Liabilities |
49,103,332.19 |
29,625,703.14 |
|
Long Term Loan from Related Person |
25,070,103.22 |
27,038,376.20 |
|
Total Liabilities |
74,173,435.41 |
56,664,079.34 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 value authorized, issued
and fully paid share
capital 250,000 shares |
25,000,000.00 |
25,000,000.00 |
|
Capital Paid |
25,000,000.00 |
25,000,000.00 |
|
Retained Earning -
Unappropriated |
[364,949.14] |
[985,938.63] |
|
Total
Shareholders' Equity |
24,635,050.86 |
24,014,061.37 |
|
Total
Liabilities & Shareholders' Equity |
98,808,486.27 |
80,678,140.71 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales Income |
34,754,764.23 |
36,711,970.14 |
|
Other Income |
1,360,859.72 |
40,824.86 |
|
Total Revenues
|
36,115,623.95 |
36,752,795.00 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
30,076,473.98 |
29,737,404.52 |
|
Selling & Administrative Expenses |
5,189,233.26 |
4,548,153.90 |
|
Loss on Exchange
Rate |
- |
117,493.94 |
|
Total Expenses |
35,265,707.24 |
34,403,052.36 |
|
Profit / [Loss] Before Income Tax |
849,916.71 |
2,349,742.64 |
|
Income Tax |
[228,927.22] |
- |
|
Net Profit / [Loss] |
620,989.49 |
2,349,742.64 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[5.33] |
|
|
Operating Profit |
[63.61] |
|
|
Net Profit |
[73.57] |
|
|
Fixed Assets |
7.03 |
|
|
Total Assets |
22.47 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
86.54 |
81.00 |
|
Operating Profit Margin |
2.45 |
6.72 |
|
S & A
Expenses |
14.93 |
12.39 |
|
Other Revenues |
3.92 |
0.11 |
|
Net Profit Margin |
1.79 |
6.40 |
|
Earning Per Shares |
2.48 |
9.40 |
|
No. of Shares |
250,000 |
250,000 |
Net Sales was
decreased by 5.33%,
Operating Profit was
decreased by 63.61%,
Net Profit was
decreased by 73.57%,
Fixed Assets was
increased by 7.03%,
Total Assets was
increased by 22.47%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 81.00%
to 86.54%, Operating
Profit Margin was
decreased from 6.72%
to 2.45%, S
& A Expenses
was increased from
12.39% to 14.93%,
Other Revenues was
increased from 0.11%
to 3.92%, Net
Profit Margin was
decreased from 6.40%
to 1.79%.
Earning Per Shares
was decreased from
9.40 baht per
share to 2.48
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.00 |
2.70 |
|
Quick-Assets Ratio |
0.93 |
0.85 |
Current Ratio was
decreased from 2.70
to 2.00, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.85 to 0.93,
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 |
3.01 |
2.36 |
D/E Ratio was
increased from 2.36
to 3.01, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
61.13 |
69.11 |
|
Total Assets Turnover |
0.35 |
0.46 |
|
Return on Assets |
0.63 |
2.91 |
|
Return on Equity |
2.52 |
9.78 |
|
Day’s Inventories |
537.15 |
386.75 |
|
Day’s Receivables |
472.99 |
246.08 |
Fixed Assets Turnover
was decreased from
69.11 times to
61.13 times, Total
Assets Turnover was
decreased from 0.46
times to 0.35
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 2.91 to
0.63, Return on
Equity was decreased
from 9.78 to
2.52, capacity to
use Assets to
make profit was
good.
Day’s Inventories was
increased from 387
days to 538
days, and Day’s
Receivables was increased
from 247 days
to 473 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.47 |
|
UK Pound |
1 |
Rs. 84.00 |
|
Euro |
1 |
Rs. 66.14 |
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%)