MIRA
INFORM REPORT
|
Report Date : |
14.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THIEN
PO JEWELRY LTD. |
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Formerly Known As : |
JOHN ALLAN LTD |
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Registered Office : |
326/12-15 Surawong Road,
Siphya, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
22.03. 1984 |
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Com. Reg. No.: |
0105527012029 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of Fine Jewellery Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
THIEN
PO JEWELRY LTD.
SUMMARY
BUSINESS
ADDRESS : 326/12-15 SURAWONG ROAD, SIPHYA,
BANGRAK, BANGKOK
10500
TELEPHONE : [66] 2631-4684-9
FAX : [66] 2631-4680,
2236-7922
E-MAIL
ADDRESS :
sales@thienpo.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1984
REGISTRATION NO. : 0105527012029
[Former : 1203/2527]
CAPITAL REGISTERED : BHT. 80,000,000
CAPITAL PAID-UP : BHT.
80,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE :
MR. PIPAT SAELO, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 210
LINES
OF BUSINESS : FINE
JEWELLERY PRODUCTS
MANUFACTURER &
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 March 22,
1984 as a
private limited company
under the registered
name “John Allan Ltd.”, by Thai and foreign groups, in order to
manufacture jewelry products
for exports.
On
March 27, 1986
the subject’s name was
changed to “THIEN PO
JEWELRY LTD”.
It
currently employs approximately 210 staff.
The subject’s registered address is
326/12-15 Surawong Rd.,
Siphya, Bangrak, Bangkok
10500, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
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Mr. Pipat Saelo |
|
Thai |
79 |
|
Mr. Lo Zo
Wan |
|
Taiwanese |
47 |
|
Mrs. Lo Wanny Liang |
|
Taiwanese |
- |
|
Mrs. Lo Hui
Hwa |
|
Taiwanese |
- |
|
Ms. Lo Hui
Kia |
|
Singaporean |
47 |
|
Mr. Kenneth, Lo
Ngian Hong |
|
Singaporean |
49 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pipat
Saelo is the Managing Director.
He is Thai nationality with
the age of
79 years old.
Mr. Kenneth,
Lo Ngian Hong
is the Marketing Manager.
He is Singaporean nationality with
the age of
49 years old.
Mr. Sombat
Chiewvanich is the Import/Export Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and exporting various
kinds of fine
jewelry products, in
14K and 18K
gold, under customer’s
requirements.
PURCHASE
Raw
materials such as
cut and polish diamond, gemstone,
bold and accessories
are purchased from
suppliers both local
and overseas in
India, Hong Kong,
Africa, Belgium and
Singapore.
EXPORT
100% of the
products is exported
to United States of
America, Japan, India,
Singapore, Taiwan, Indonesia,
Hong Kong, Australia,
Middle East and
European countries.
RELATED COMPANY
Thien Po
[Thailand] L.P.
Business Type : Distributor
of diamonds
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
30-60-90 days.
Imports
are by L/C at sight
or T/T on negotiated term.
Exports
are against L/C
at sight or
T/T..
BANKING
Bangkok Bank
Public Co., Ltd.
[Silom Branch : Silom
Rd., Suriyawongse, Bangrak,
Bangkok 10500]
Bank of
Ayudhya Public Co., Ltd.
[Head Office : 1222 Rama 3
Rd., Bangpongpang, Yannawa,
Bangkok 10120]
EMPLOYMENT
The
subject employs approximately 210 staff [office
staff and factory
workers].
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in commercial
area.
Factory
is located at
47/27 Moo 4, Sukhapibal
2 Rd., Dokmai, Pravet, Bangkok
10250, Tel : [66] 2727-0629,
2727-0241-5, Fax : [66] 2727-0630,
2727-0240.
COMMENT
The subject’s operating performance
is moderately good
with two consecutive
years of net
profits. Its business
is promising.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
5,000,000 divided into
5,000 shares of
Bht. 1,000 each.
The
capital was increased
later as follows:
Bht. 20,000,000
on September 18,
1986
Bht. 50,000,000
on July 31,
1992
Bht. 80,000,000
on November 2,
2004
The
latest registered capital
was increased to
Bht. 80,000,000 divided
into 80,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at June 27,
2007]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Pipat
Saelo Nationality: Thai Address : 39/400 South
Sathorn Rd., Thungmahamek,
Sathorn, Bangkok 10120 |
40,310 |
50.37 |
|
Mr. Kenneth,
Lo Ngian Hong Nationality: Singaporean Address : 326/12-15 Surawong
Rd., Siphya, Bangrak, Bangkok
10500 |
5,670 |
7.09 |
|
Mr. Lo
Zo Wan Nationality: Taiwanese Address : 39/402 South
Sathorn Rd., Thungmahamek,
Sathorn, Bangkok 10120 |
5,670 |
7.09 |
|
Mr. Sukhon
Charnpreeda Nationality: Thai Address : 39/115 South
Sathorn Rd., Thungmahamek,
Sathorn, Bangkok 10120 |
5,670 |
7.09 |
|
Mrs. Lo
Wanny Liang Nationality: Taiwanese Address : 39/401 South
Sathorn Rd., Thungmahamek,
Sathorn, Bangkok 10120 |
5,670 |
7.09 |
|
Mr. Sophon
Loo Nationality: Singaporean Address : 39/400 South
Sathorn Rd., Thungmahamek,
Sathorn, Bangkok 10120 |
5,670 |
7.09 |
|
Mrs. Lo
Hui Hwa Nationality: Taiwanese Address : 39/403
South Sathorn Rd.,
Thungmahamek,
Sathorn, Bangkok 10120 |
5,670 |
7.09 |
|
Ms. Lo
Hui Kia Nationality: Singaporean Address : 39/404 South Sathorn
Rd., Thungmahamek,
Sathorn, Bangkok 10120 |
5,670 |
7.09 |
Total Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Kannikar Tanthay No. 2876
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 & 2005
were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank |
46,536,743.78 |
29,859,245.86 |
|
Trade Accts. Receivable |
847,121,814.11 |
983,586,266.64 |
|
Inventories |
141,524,173.83 |
146,701,256.24 |
|
Other Current Assets |
11,426,572.59 |
4,004,900.44 |
|
Total Current
Assets |
1,046,609,304.31 |
1,164,151,669.18 |
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|
|
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Fixed Assets |
68,505,825.41 |
65,618,005.10 |
|
Other Assets |
18,600.00 |
183,150.00 |
|
Total Assets |
1,115,133,729.72 |
1,229,952,824.28 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft |
8,849,507.81 |
- |
|
Trade Accts. Payable |
486,591,881.92 |
670,253,317.57 |
|
Current Portion of Long
Term Loan |
309,803,000.00 |
168,394,000.00 |
|
Short Term Loan
from Related Person |
13,790,000.00 |
4,060,000.00 |
|
Other Current Liabilities |
29,516,294.34 |
54,197,352.13 |
|
Total Current
Liabilities |
848,550,684.07 |
896,904,669.70 |
|
Long Term Loan
from Related Person
|
- |
74,728,439.21 |
|
Other Long Term
Loan |
- |
10,324,025.88 |
|
Total Liabilities |
848,550,684.07 |
981,957,134.79 |
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Shareholders'
Equity |
|
|
|
|
|
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Share capital : Baht 1,000 par value
authorized, issued and
fully paid share
capital 80,000 shares |
80,000,000.00 |
80,000,000.00 |
|
Capital Paid |
80,000,000.00 |
80,000,000.00 |
|
Retained Earning -
Unappropriated |
186,583,045.65 |
167,995,689.49 |
|
Total
Shareholders' Equity |
266,583,045.65 |
247,995,689.49 |
|
Total
Liabilities & Shareholders' Equity |
1,115,133,729.72 |
1,229,952,824.28 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
1,100,779,985.99 |
1,233,717,344.91 |
|
Other Income |
7,341,438.44 |
16,478,584.42 |
|
Total Revenues
|
1,108,121,424.43 |
1,250,195,929.33 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
940,772,997.47 |
1,088,436,168.57 |
|
Selling & Administrative Expenses |
87,058,926.46 |
103,289,694.80 |
|
Other Expenses |
40,415,262.10 |
23,059,156.30 |
|
Total Expenses |
1,068,247,186.03 |
1,214,785,019.67 |
|
Profit / [Loss] from Operation |
39,874,238.40 |
35,410,909.66 |
|
Interest Expenses |
[13,598,864.16] |
[3,145,066.47] |
|
Income Tax |
[7,688,018.08] |
[17,943,773.61] |
|
Net Profit / [Loss] |
18,587,356.16 |
14,322,069.58 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[10.78] |
|
|
Operating Profit |
53.90 |
|
|
Net Profit |
29.78 |
|
|
Fixed Assets |
4.40 |
|
|
Total Assets |
[9.34] |
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Profitability |
|
|
|
Cost of Good
Sold |
85.46 |
88.22 |
|
Operating Profit Margin |
7.29 |
4.74 |
|
S & A
Expenses |
7.91 |
8.37 |
|
Interest Paid |
1.24 |
0.25 |
|
Other Revenues |
0.67 |
1.34 |
|
Net Profit Margin |
1.69 |
1.16 |
|
Earning Per Shares |
232.34 |
179.03 |
|
No. of Shares |
80,000 |
80,000 |
Net Sales was
decreased by 10.78%,
Operating Profit was
increased by 53.90%,
Net Profit was increased by
29.78%, Fixed Assets
was increased by
4.40%, Total Assets
was decreased by
9.34%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 88.22%
to 85.46%, Operating
Profit Margin was increased from
4.74% to 7.29%,
S & A
Expenses was decreased
from 8.37% to
7.91%, Interest Paid was
increased from 0.25%
to 1.24%, Other
Revenues was decreased
from 1.34% to
0.67%, Net Profit
Margin was increased
from 1.16% to
1.69%.
Earning Per Shares
was increased from
179.03 baht per
share to 232.34
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.23 |
1.30 |
|
Quick-Assets Ratio |
1.05 |
1.13 |
Current Ratio was
decreased from 1.30
to 1.23, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
so good, Quick-Assets Ratio was decreased
from 1.13 to
1.05, capacity to
pay Short Term
Loan was so
good too, because
Current Assets without
Inventory can cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
3.18 |
3.96 |
|
Times Interest Earned |
5.90 |
18.59 |
D/E Ratio was
decreased from 3.96
to 3.18, 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 18.59
to 5.90, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
16.07 |
18.80 |
|
Total Assets Turnover |
0.99 |
1.00 |
|
Return on Assets |
1.67 |
1.16 |
|
Return on Equity |
6.97 |
5.78 |
|
Day's Payable |
159.14 |
195.58 |
|
Day’s Inventories |
46.28 |
42.81 |
|
Day’s Receivables |
277.04 |
287.01 |
Fixed Assets Turnover
was decreased from
18.80 times to
16.07 times, Total
Assets Turnover was
decreased from 1.00
times to 0.99
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 1.16 to
1.67, Return on
Equity was increased
from 5.78 to
6.97, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 196
days to 160
days, while Day’s
Inventories was increased
from 43 days
to 47 days, but Day’s
Receivables was decreased
from 288 days
to 278 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 |
|
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%)