MIRA
INFORM REPORT
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Report Date : |
10.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
DELATORI
INTERNATIONAL LTD. |
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Registered Office : |
47/32 Moo 4,
Gemopolis Industrial Estate, Sukhapibal 2
Road, Dokmai, Praves, Bangkok 10250 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
02.09.2005 |
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Com. Reg. No.: |
0105548115528 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of
Jewelry Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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
DELATORI
INTERNATIONAL LTD.
SUMMARY
BUSINESS
ADDRESS : 47/32 MOO 4, GEMOPOLIS
INDUSTRIAL ESTATE,
SUKHAPIBAL 2
ROAD, DOKMAI, PRAVES,
BANGKOK 10250,
THAILAND
TELEPHONE : [66] 2727-0320-1
FAX : [66] 2727-0322
E-MAIL
ADDRESS : north@delatori.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION NO. : 0105548115528
CAPITAL REGISTERED : BHT. 46,000,000
CAPITAL PAID-UP : BHT. 46,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. CHAIRAT SOPHONNARIN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 120
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 FAIR PERFORMANCE
HISTORY
The
subject was established
on September 2,
2005 as a
private limited company under the name style
DELATORI INTERNATIONAL LTD.,
by Chinese groups,
with the business
objective to manufacture
jewelry products for
exports. It currently
employs approximately 120
staff. Subject is a wholly
owned subsidiary of
Waymac International Ltd.
in Hong Kong.
The
subject’s registered address
is 47/32 Moo
4, Gemopolis Industrial
Estate, Sukhapibul 2
Rd., Dokmai, Praves,
Bangkok 10250, 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. Howard Vilfred Miller |
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South African |
53 |
|
Mr. Chairat Sophonnarin |
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Thai |
31 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Chairat Sophonnarin is
the Managing Director.
He is Thai nationality with
the age of
31 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and exporting various
kinds of jewelry
with diamond, gold
and precious stone,
such as ring,
necklace, chain, earring
and etc.
IMPORT
Diamond,
gold and gemstone
are imported from Hong
Kong, India, Switzerland, and South Africa.
EXPORT
100% of the
products is exported
to U.S.A. and
Hong Kong.
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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 120
staff.
LOCATION DETAILS
The
premise is owned
for administrative office and
factory at the heading
address. Premise is
located in industrial
area.
COMMENT
The
subject has slow
down business due
to stagnant market
in USA. The
USA is the main market
of jewelry products
from Thailand, which
is currently has
been affected from
economic slowdown and
decline purchasing power.
The
subject’s sales were
declined in 2007
compared to its
sales in 2006.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000
divided into 30,000
shares of Bht. 100 each.
The
capital was increased
later as following:
Bht. 16,000,000 on March 14,
2006
Bht. 46,000,000 on August 9,
2006
The
latest registered capital
was increased to
Bht. 46,000,000 divided into 460,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2007]
|
NAME |
HOLDING |
% |
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Waymac International Ltd. Nationality: Hong Kong Address : 2706
RBC Tower, Times
Square, 1 Matheson
Street, Causeway Bay,
Hong Kong |
459,994 |
100.00 |
|
Mrs.
Naruemol Poldongnok Nationality: Thai Address : 48/15
Moo 6, Banmai,
Pakkred, Nonthaburi |
1 |
- |
|
Mr. Chairat Sophonnarin Nationality: Thai Address : 10
Charansanitwaong Rd., Bangplad,
Bangkok |
1 |
- |
|
Mrs. Chusri Bamrungsin Nationality: Thai Address : 96/27
Moo 5, Kayaeng,
Muang, Pathumthani |
1 |
- |
|
Mr. Charn Narkthongkham Nationality: Thai Address : 127/6
Boromratchonnee Rd., Aru
Amarin,
Bangkoknoi, Bangkok |
1 |
- |
|
Mr. Haward Vilfred
Miller Nationality: South African Address : 48/10
Dokmai, Praves, Bangkok |
1 |
- |
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Mr. Franz Fuchz Nationality: Austrian Address : 48/15
Moo 6, Banmai,
Pakkred, Nonthaburi |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Piyanan Chotikulthanachai No. 8303
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
|
1,861,309.62 |
1,831,337.34 |
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Trade Accts. & Notes Receivable |
10,044,643.42 |
356,374.48 |
|
Inventories [note 1] |
30,964,233.00 |
5,795,571.99 |
|
Other Current Assets
[note 2] |
28,222,950.10 |
10,173,177.67 |
|
|
1,118,216.03 |
1,650,594.94 |
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Total Current
Assets |
72,211,352.17 |
19,807,056.42 |
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Fixed Account under
Commitment |
795,243.62 |
600,000.00 |
|
Fixed Assets |
69,608,521.10 |
6,617,966.31 |
|
Other Assets |
31,600.00 |
205,766.40 |
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Total Assets |
142,646,716.89 |
27,230,789.13 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
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Trade Accts. & Notes Payable |
6,417,667.46 |
13,964,114.39 |
|
Trade Accts. Payable-Related Company |
51,888,885.54 |
2,163,384.31 |
|
Current Portion of Long
Term Loans from Finance |
6,009,302.13 |
- |
|
Other Current Liabilities |
1,729,367.56 |
245,864.62 |
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Total Current
Liabilities |
66,045,222.69 |
16,373,363.32 |
|
Long Term Loan
from Finance Net
of Current Portion |
36,134,085.71 |
- |
|
Long Term Loan
from Related Company |
24,526,798.93 |
12,996,350.74 |
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Other Liabilities |
729,680.00 |
- |
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Total Liabilities |
127,435,787.33 |
29,369,714.06 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 460,000 &
300,000 shares in 2006 & 2005 |
46,000,000.00 |
3,000,000.00 |
|
Capital Paid |
26,500,000.00 |
3,000,000.00 |
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Retained Earning -
Unappropriated |
[11,289,070.44] |
[5,138,924.93] |
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Total
Shareholders' Equity |
15,210,929.56 |
[2,138,924.93] |
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Total
Liabilities & Shareholders' Equity |
142,646,716.89 |
27,230,789.13 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
Sept. 2,
2005- Dec.
31, 2005 |
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Sales |
157,782,385.38 |
14,939,611.92 |
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Other Income |
7,535,682.82 |
5,051.96 |
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Total Revenues
|
165,318,068.20 |
14,944,663.88 |
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Expenses |
|
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Cost of Goods
Sold |
161,200,961.30 |
17,998,494.01 |
|
Selling & Administrative Expenses |
8,598,383.29 |
2,085,094.80 |
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Total Expenses |
169,799,344.59 |
20,083,588.81 |
|
Profit / [Loss] Before Interest
Expenses |
[4,481,276.39] |
[5,138,924.93] |
|
Interest Expenses |
[1,668,869.12] |
- |
|
Net Profit / [Loss] |
[6,150,145.51] |
[5,138,924.93] |
FINANCIAL NOTE
NOTE 1 Inventories
|
|
2005 |
2004 |
|
|
|
|
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Finished Goods |
1,198,615.95 |
358,273.58 |
|
Raw Material |
21,222,735.34 |
9,157,724.11 |
|
Work in Process |
5,257,072.69 |
64,710.42 |
|
Factory Material Supplies |
544,526.12 |
592,469.56 |
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Total
|
28,222,950.10 |
10,173,177.67 |
NOTE 2
Other Current Assets
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|
2005 |
2004 |
|
|
|
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Revenue Department Receivable |
331,183.84 |
1,463,970.09 |
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Advanced Assets |
273,762.70 |
60,000.00 |
|
Prepaid Payment |
246,141.98 |
121,395.71 |
|
Other |
267,127.51 |
186,624.85 |
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Total
|
1,118,216.03 |
1,650,594.94 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
956.13 |
|
|
Operating Profit |
[91.74] |
|
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Net Profit |
[19.68] |
|
|
Fixed Assets |
951.81 |
|
|
Total Assets |
423.84 |
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Profitability |
|
|
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Cost of Good
Sold |
102.17 |
120.47 |
|
Operating Profit Margin |
[2.84] |
[34.40] |
|
S & A
Expenses |
5.45 |
13.96 |
|
Interest Paid |
1.06 |
0.00 |
|
Other Revenues |
4.78 |
0.03 |
|
Net Profit Margin |
[3.90] |
[34.40] |
|
Earning Per Shares |
[23.21] |
[171.30] |
|
No. of Shares |
265,000 |
30,000 |
Net Sales was
increased by 956.13%,
Operating Profit was
decreased by 91.74%,
Net Profit was
decreased by 19.68%,
Fixed Assets was
increased by 951.81%,
Total Assets was
increased by 423.84%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 120.48%
to 102.17%, Operating
Profit Margin was
increased from -34.40%
to -2.84%, S
& A Expenses
was decreased from
13.96% to 5.45%,
Interest Paid was increased
from 0.00% to
1.06%, Other Revenues
was increased from
0.03% to 4.78%,
Net Profit Margin
was increased from
-34.40% to -3.90%.
Earning Per Shares
was increased from
-171.30 baht per
share to -23.21
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.09 |
1.21 |
|
Quick-Assets Ratio |
0.65 |
0.49 |
Current Ratio was
decreased from 1.21
to 1.09, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.49 to 0.65,
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 |
8.38 |
[13.73] |
|
Times Interest Earned |
[2.69] |
0.00 |
D/E Ratio was
increased from -13.73
to 8.38, 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 0.00
to -2.69, capacity
to pay interest paid was
not good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
2.27 |
2.26 |
|
Total Assets Turnover |
1.11 |
0.55 |
|
Return on Assets |
[4.31] |
[18.87] |
|
Return on Equity |
[40.43] |
[240.26] |
|
Day's Payable |
14.64 |
336.49 |
|
Day’s Inventories |
64.39 |
245.14 |
|
Day’s Receivables |
22.92 |
8.59 |
Fixed Assets Turnover
was increased from
2.26 times to
2.27 times, Total
Assets Turnover was
increased from 0.55
times to 1.11
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-18.87 to -4.31,
Return on Equity
was increased from
-240.26 to -40.43, capacity
to use Assets to make
profit was not
good.
Day's Payable was
decreased from 337
days to 15
days, and Day’s
Inventories was decreased
from 246 days
to 65 days, while Day’s
Receivables was increased
from 9 days to 23
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%)