MIRA
INFORM REPORT
|
Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CORUNDUM EXPORT
CO., LTD. |
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Registered Office : |
19/48-49
Soi Bearingkaset 1, Ngamwongwan Road, Ladyao, Jatujak,
Bangkok 10900 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
08.10.1999 |
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Com. Reg. No.: |
0105542077764 |
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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 |
|
|
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
CORUNDUM EXPORT
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 19/48-49
SOI BEARINGKASET 1,
NGAMWONGWAN
ROAD, LADYAO, JATUJAK,
BANGKOK 10900, THAILAND
TELEPHONE : [66] 2941-3286-7, 2579-9432
FAX : [66]
2579-9432-3
E-MAIL ADDRESS :
corundum@mweb.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO.
: 0105542077764 [Former : [2] 1177/2542]
CAPITAL REGISTERED
: BHT. 15,000,000
CAPITAL PAID-UP
: BHT. 15,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MS.
SUMALEE SRI-UTANECHAI, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 27
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 October
8, 1999 as
a private limited
company under the
name style CORUNDUM
EXPORT CO., LTD.
by Sri-utanechai family,
in order to
manufacture jewelry products
for export markets.
It currently employs
27 staff.
The subject’s registered
address is 19/48-49
Soi Bearingkaset 1,
Ngamwongwan Rd., Ladyao,
Jatujak, Bangkok 10900,
and this is
the company’s current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thawatchai Sri-utanechai |
[x] |
Thai |
58 |
|
Ms. Sumalee Sri-utanechai |
[x] |
Thai |
44 |
|
Mrs. Boon-anant Sri-utanechai |
|
Thai |
56 |
AUTHORIZED PERSON
Both of the
above directors [x]
can jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Sumalee Sri-utanechai is
the Managing Director.
She is Thai nationality with
the age of
44 years old.
Ms. Matthana Sri-utanechai is
the Export Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, designing and exporting
various kinds of
jewelry products such
as chain, bracelet,
ring, earrings, pin,
tiepin and etc.
PURCHASE
70% of the raw materials
such as diamond,
gold, silver, gemstone
and accessories are
imported from Malaysia,
India, Singapore, Hong
Kong and South Africa, and
the remaining 30%
are purchased from
local suppliers.
EXPORT [COUNTRY]
100% of the
products is exported
to wholesalers in
United States of
America, Germany, United
Kingdom, Hong Kong,
France, Switzerland and
Italy.
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
on negotiated term.
Exports are against
L/C at sight or T/T
on negotiated term.
BUSINESS TRANSACTION
The products are
sold to overseas
customers by L/C
at sight or
T/T on the credit term
of 30-60 days.
While the raw
materials are purchased
from both local
and overseas suppliers
with the maximum
credit given at
30-60 days. The
subject is not
found to have
payment problems on
its accounts receivable
and accounts payable.
BANKING
Kasikornbank Public Co.,
Ltd.
[Suriwong Branch :
462 Surawong Rd.,
Siphya, Bangrak, Bangkok]
EMPLOYMENT
The subject employs
27 staff [office,
sales staff and
factory workers].
LOCATION DETAILS
The premise is
rented for administrative office, factory and
warehouse in a
3 storey building of
2 row shop houses at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The subject was
formed in 1999
as a manufacturing and exporting
of jewelry products.
Exports of jewelry
to world market
have been slowing
down since 2007
due to slow consumption, which has caused
by economic meltdown
in US and Europe. This
has increasingly affected
jewelry business as a
whole including subject.
FINANCIAL INFORMATION
The capital was
registered at Bht.
5,000,000 divided into 50,000
shares of Bht.
100 each.
On August 27,
2003, the capital
was increased to
Bht. 15,000,000 divided into
150,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 28,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Thawatchai Sri-utanechai Nationality: Thai Address : 19/48-49
Ngamwongwan Rd., Ladyao,
Jatujak,
Bangkok 10900 |
90,000 |
60.00 |
|
Ms. Sumalee Sri-utanechai Nationality: Thai Address : 19/48-49
Ngamwongwan Rd., Ladyao,
Jatujak,
Bangkok 10900 |
30,000 |
20.00 |
|
Mrs. Boon-anant Sri-utanechai Nationality: Thai Address : 19/48-49
Ngamwongwan Rd., Ladyao,
Jatujak, Bangkok 10900 |
29,988 |
19.99 |
|
Ms. Matthana Sri-utanechai Nationality: Thai Address : 19/48-49
Ngamwongwan Rd., Ladyao,
Jatujak,
Bangkok 10900 |
3 |
|
|
Mr. Utanechai Sri-utanechai Nationality: Thai Address : 19/48-49
Ngamwongwan Rd., Ladyao,
Jatujak,
Bangkok 10900 |
3 |
=0.01 |
|
Mrs. Banthao Kothana Nationality: Thai Address : 205
Moo 9, Ponethong, Chiengyuen,
Mahasarakham Province |
3 |
|
|
Ms. Kanya Sri-utanechai Nationality: Thai Address : 19/48-49
Ngamwongwan Rd., Ladyao,
Jatujak,
Bangkok 10900 |
3 |
|
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mr. Montri Visartsakul
No. 1161
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
3,591,334.43 |
4,015,012.16 |
|
Trade Accts. Receivable |
6,475,437.30 |
12,757,718.27 |
|
Inventories |
13,276,292.40 |
14,529,599.69 |
|
Other Current Assets
|
133,277.02 |
872,652.53 |
|
Total Current Assets
|
23,476,341.15 |
32,174,982.65 |
|
|
|
|
|
Fixed Assets |
21,289,700.70 |
22,189,042.90 |
|
Total Assets |
44,766,041.85 |
54,364,025.55 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft |
2,079,036.41 |
2,381,028.53 |
|
Trade Accts. Payable |
13,697,557.99 |
18,560,877.91 |
|
Other Short-term Loan |
11,100,000.00 |
14,200,000.00 |
|
Other Current Liabilities |
3,001,986.57 |
4,631,853.73 |
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Total Current Liabilities |
29,878,580.97 |
39,773,760.17 |
|
Total Liabilities |
29,878,580.97 |
39,773,760.17 |
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Shareholders' Equity |
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 150,000 shares |
15,000,000.00 |
15,000,000.00 |
|
Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning -
Unappropriated |
[112,539.12] |
[409,734.62] |
|
Total Shareholders' Equity |
14,887,460.88 |
14,590,265.38 |
|
Total Liabilities &
Shareholders' Equity |
44,766,041.85 |
54,364,025.55 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales Income |
34,889,200.40 |
61,282,474.41 |
|
Other Income |
230,498.60 |
213,240.60 |
|
Total Revenues |
35,119,699.00 |
61,495,715.01 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
23,297,380.10 |
43,336,219.27 |
|
Selling & Administrative Expenses |
10,805,023.83 |
16,375,992.24 |
|
Other Expenses |
103,340.30 |
928,433.97 |
|
Total Expenses |
34,205,744.23 |
60,640,645.48 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
913,954.77 |
855,069.53 |
|
Interest Expenses |
[485,765.28] |
[476,835.69] |
|
Income Tax |
[130,993.99] |
[153,599.09] |
|
Net Profit / [Loss] |
297,195.50 |
224,634.75 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[43.07] |
|
|
Operating Profit |
0.19 |
|
|
Net Profit |
32.30 |
|
|
Fixed Assets |
[4.05] |
|
|
Total Assets |
[17.66] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
66.78 |
70.72 |
|
Operating Profit Margin |
2.92 |
2.91 |
|
S & A
Expenses |
30.97 |
26.72 |
|
Interest Paid |
1.39 |
0.78 |
|
Other Revenues |
0.66 |
0.35 |
|
Net Profit Margin |
0.85 |
0.37 |
|
Earning Per Shares |
1.98 |
1.50 |
|
No. of Shares |
150,000 |
150,000 |
Net Sales was
decreased by 43.07%,
Operating Profit was
increased by 0.19%,
Net Profit was
increased by 32.30%,
Fixed Assets was
decreased by 4.05%,
Total Assets was
decreased by 17.66%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 70.72% to 66.78%, Operating
Profit Margin was
increased from 2.91%
to 2.92%, S
& A Expenses
was increased from
26.72% to 30.97%,
Interest Paid was increased
from 0.78% to
1.39%, Other Revenues
was increased from
0.35% to 0.66%,
Net Profit Margin
was increased from
0.37% to 0.85%.
Earning Per Shares
was increased from
1.50 baht per
share to 1.98
baht per share.
Liquidity
|
|
2007 |
2006 |
|
Current Ratio |
0.79 |
0.81 |
|
Quick-Assets Ratio |
0.34 |
0.42 |
Current Ratio was
decreased from 0.81
to 0.79, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.42 to 0.34,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
2.01 |
2.73 |
|
Times Interest Earned |
2.09 |
3.74 |
D/E Ratio was
decreased from 2.73
to 2.01, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium, Times
Interest Earned was decreased from
3.74 to 2.09,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
1.64 |
2.76 |
|
Total Assets Turnover |
0.78 |
1.13 |
|
Return on Assets |
0.66 |
0.41 |
|
Return on Equity |
2.00 |
1.54 |
|
Day's Payable |
141.34 |
109.03 |
|
Day’s Inventories |
136.99 |
85.35 |
|
Day’s Receivables |
66.82 |
74.94 |
Fixed Assets Turnover
was decreased from
2.76 times to
1.64 times, Total
Assets Turnover was
decreased from 1.13
times to 0.78
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 0.41 to
0.66, Return on
Equity was increased
from 1.54 to
2.00, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 110
days to 142
days, and Day’s
Inventories was increased
from 86 days
to 137 days, while Day’s
Receivables was decreased
from 75 days
to 67 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
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%)