MIRA
INFORM REPORT
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Report Date : |
08.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INTERCONTINENTAL JEWELLERY
MANUFACTURING PUBLIC COMPANY
LIMITED |
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Formerly Known As : |
INTERCONTINENTAL
JEWELLERY MANUFACTURING CO.,
LTD |
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Registered Office : |
700/108 Moo 5,
Amata Nakorn Industrial Estate, T.
Klongtamru, A. Muang, Chonburi Province
20000 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
08.09. 2003 |
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Com. Reg. No.: |
0105546107382 |
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Legal Form : |
Public 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
INTERCONTINENTAL JEWELLERY
MANUFACTURING PUBLIC COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 700/108 MOO 5, AMATA
NAKORN INDUSTRIAL
ESTATE, T. KLONGTAMRU, A. MUANG,
CHONBURI PROVINCE
20000
TELEPHONE : [66] 38
468-686, 2468-603-6
FAX : [66] 38
468-687
E-MAIL
ADDRESS : andy@ijssfe.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION NO. : 0105546107382
[Former : 10254601164]
CAPITAL REGISTERED : BHT. 112,500,000
CAPITAL PAID-UP : BHT. 112,500,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR.
VIBUL SRISURIN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 500
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 initially
established on September
8, 2003 as a private
limited company under the
name style “Intercontinental Jewellery
Manufacturing Co., Ltd.” by Thai and foreign
groups. On December
19, 2007, subject
has changed its
status to public
company, namely INTERCONTINENTAL JEWELLERY
MANUFACTURING PUBLIC COMPANY
LIMITED, with the
business objective to
manufacture and export wide
range of jewelry
products with BOI
promoted. It currently
employs approximately 500
staff.
The
subject’s registered address
is at 700/108 Moo 5,
Amatanakorn Industrial Estate,
T. Klongtamru, A. Muang, Chonburi
20000, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Andrew Michael Paul
Skelhorne |
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British |
41 |
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Mr. Roderick Adward Morton |
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Australian |
65 |
|
Mr. Joel Zeilik Fain |
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American |
59 |
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Mr. Vibul Srisurin |
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Thai |
46 |
|
Mrs. Yaowares Dechachart |
|
Thai |
50 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Vibul Srisurin is
the Managing Director.
He is Thai nationality with
the age of
46 years old.
Mr. Andrew Michael Paul
Skelhorne is the
Marketing & Sales Manager.
He is British nationality with
the age of
41 years old.
Mr. Joel Zeilik Fain
is the Factory Manager.
He is American nationality with
the age of
59 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and distributing wide
range of jewelry
products, such as
ring, earring, necklace,
pin, bracelet and
etc., under customer’s
requirement.
PURCHASE
Raw materials such
as diamond, gemstone,
gold and accessories
are purchased from both
domestic and overseas
suppliers mainly in
India, Africa, Pakistan,
Japan, Malaysia, Hong
Kong and Switzerland.
EXPORT
100% of
the products is
exported to Australia,
Hong Kong, U.S.A.
and 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
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
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 500 staff.
LOCATION DETAILS
The
premise is rented
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
industrial area.
Branch
office is located
at Room 301,
3rd Flr., C.S. Bldg.,
35 Surasak Rd.,
Silom, Bangrak, Bangkok
10500.
COMMENT
There is
a steady demand
of the subject’s jewelry products
from both local
and export markets.
The subject’s operating
performance is promising
with a steady growth and
always remains profitable.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 112,500,000
divided into 1,125,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at March
13, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
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Morton Superannuation Fund Nationality: Australian Address : New
South Wales, Australia |
443,588 |
39.43 |
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Mr. Andrew Michael Paul
Skelhorne Nationality: British Address : 1314
Charoennakorn 17 Rd.,
Klongsan, Bangkok |
228,825 |
20.34 |
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Mr. Joel Zeilik Fain Nationality: American Address : 1249/155
Charoenkrung Rd., Suriyawongse,
Bangrak, Bangkok |
180,337 |
16.03 |
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Mr. Vibul Srisurin Nationality: Thai Address : 580/8
Asoke-Dindaeng Rd., Dindaeng,
Bangkok |
112,500 |
10.00 |
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Mrs. Claire Josephine Rilley Nationality: British Address : England |
61,875 |
5.50 |
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Mr. Thiwa Puripanyavanich Nationality: Thai Address : 507/159
Sathupradit Rd., Chongnonsi,
Yannawa, Bangkok |
41,625 |
3.70 |
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Mrs. Yaowares Dechachart Nationality: Thai Address : 42
Ladprao 124 Rd.,
Wangthonglang, Bangkok |
28,125 |
2.50 |
|
Hampton Consulting Property
Group Pty Ltd. Nationality: Australian Address : New
South Wales, Australia |
28,125 |
2.50 |
Total Shareholders :
8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Suvimol Kritayakian No.
2982
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
531,119.95 |
7,876,074.51 |
|
Trade Accts. & Notes Receivable - Related company |
- |
44,728,330.54 |
|
- Other company |
226,857,989.75 |
156,586,856.69 |
|
Advanced Goods |
23,997,815.15 |
33,583,310.74 |
|
Inventories |
105,640,603.59 |
128,439,931.08 |
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Other Current Assets
|
4,173,052.50 |
3,843,736.87 |
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Total Current Assets
|
361,200,580.94 |
375,058,240.43 |
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|
|
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Fixed Assets |
100,376,186.85 |
97,354,499.61 |
|
Intangible Assets |
43,533,563.65 |
- |
|
Cash at Bank
pledged as a
Collateral |
15,672,100.52 |
10,617,546.26 |
|
Other Assets |
131,600.00 |
181,000.00 |
|
Total Assets |
520,914,031.96 |
483,211,286.30 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
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Bank Overdraft &
Short Term Loan
from Financial Institute |
134,403,360.54 |
119,406,653.00 |
|
Trade Accts. & Notes Payable |
132,898,341.47 |
109,391,457.13 |
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Current Portion of Long
Term Loans |
10,851,912.00 |
10,801,339.44 |
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Accrued Expenses |
18,373,336.89 |
41,217,840.95 |
|
Short Term Loan
from Related Company |
- |
15,216,936.00 |
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Other Current Liabilities |
8,781,198.05 |
6,988,354.43 |
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Total Current Liabilities |
305,308,148.95 |
303,022,580.95 |
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Hire-purchase Payable |
526,443.59 |
1,058,124.26 |
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Long Term Loan |
6,880,000.00 |
17,320,000.00 |
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Total Liabilities |
312,714,592.54 |
321,400,705.21 |
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Shareholders' Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 1,125,000 & 5,100 shares in 2007 & 2006 |
112,500,000.00 |
51,000,000.00 |
|
Capital Paid |
112,500,000.00 |
40,000,000.00 |
|
Statutory Reserve |
8,344,442.92 |
- |
|
Retained Earning -
Unappropriated |
87,354,996.50 |
121,810,581.09 |
|
Total Shareholders' Equity |
208,199,439.42 |
161,810,581.09 |
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Total Liabilities & Shareholders' Equity |
520,914,031.96 |
483,211,286.30 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
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Sales |
918,913,239.98 |
830,437,440.17 |
|
Other Income |
1,310,595.29 |
91,489.49 |
|
Total Revenues |
920,223,835.27 |
830,528,929.66 |
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Expenses |
|
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|
|
|
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Cost of Goods
Sold |
716,844,065.71 |
646,331,144.15 |
|
Selling & Administrative Expenses |
106,023,118.73 |
103,611,428.60 |
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Total Expenses |
822,867,184.44 |
749,942,572.75 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
97,356,650.83 |
80,586,356.91 |
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Interest Expenses |
[10,009,122.55] |
[9,898,314.97] |
|
Income Tax |
[458,669.95] |
[134,034.20] |
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Net Profit / [Loss] |
86,888,858.33 |
70,554,007.74 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
10.65 |
|
|
Operating Profit |
9.18 |
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Net Profit |
23.15 |
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Fixed Assets |
3.10 |
|
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Total Assets |
7.80 |
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Profitability |
|
|
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Cost of Good
Sold |
78.01 |
77.83 |
|
Operating Profit Margin |
10.59 |
9.70 |
|
S & A
Expenses |
11.54 |
12.48 |
|
Interest Paid |
1.09 |
1.19 |
|
Other Revenues |
0.14 |
0.01 |
|
Net Profit Margin |
9.46 |
8.50 |
|
Earning Per Shares |
77.23 |
17,638.50 |
|
No. of Shares |
1,125,000 |
4,000 |
Net Sales was
increased by 10.65%,
Operating Profit was
increased by 9.18%,
Net Profit was
increased by 23.15%,
Fixed Assets was
increased by 3.10%,
Total Assets was
increased by 7.80%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 77.83%
to 78.01%, Operating
Profit Margin was
increased from 9.70%
to 10.59%, S
& A Expenses
was decreased from
12.48% to 11.54%,
Interest Paid was decreased
from 1.19% to
1.09%, Other Revenues
was increased from
0.01% to 0.14%,
Net Profit Margin
was increased from
8.50% to 9.46%.
Earning Per Shares
was decreased from
17,638.50 baht per
share to 77.23
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.18 |
1.24 |
|
Quick-Assets Ratio |
0.82 |
0.80 |
Current Ratio was
decreased from 1.24
to 1.18, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from 0.80 to 0.82,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
1.50 |
1.99 |
|
Times Interest Earned |
9.73 |
8.14 |
D/E Ratio was
decreased from 1.99
to 1.50, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
8.14 to 9.73,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
9.15 |
8.53 |
|
Total Assets Turnover |
1.76 |
1.72 |
|
Return on Assets |
16.68 |
14.60 |
|
Return on Equity |
41.73 |
43.60 |
|
Day's Payable |
52.07 |
47.42 |
|
Day’s Inventories |
41.39 |
55.68 |
|
Day’s Receivables |
88.88 |
67.88 |
Fixed Assets Turnover
was increased from
8.53 times to
9.15 times, Total
Assets Turnover was
increased from 1.72
times to 1.76
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
14.60 to 16.68,
Return on Equity
was decreased from
43.60 to 41.73,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 48
days to 53
days, while Day’s
Inventories was decreased
from 56 days
to 42 days, but Day’s
Receivables was increased
from 68 days
to 89 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%)