MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Name : |
CHRISTY GEM CO., LTD. |
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Registered Office : |
47/49
Moo 4, Gemopolis
Industrial Estate, Sukhapiban 2
Road, Dokmai, Prawes, |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
01.12.1993 |
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Com. Reg. No.: |
0105536135634 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and
Exporter of Diamond
Jewelry |
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
CHRISTY GEM CO., LTD.
SUMMARY
BUSINESS ADDRESS : 47/49
MOO 4, GEMOPOLIS
INDUSTRIAL ESTATE,
SUKHAPIBAN 2
ROAD, DOKMAI, PRAWES,
TELEPHONE : [66] 2727-0390-2
FAX : [66] 2727-0389
E-MAIL ADDRESS : hrm@christy.gem.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1993
REGISTRATION NO.
: 0105536135634
CAPITAL REGISTERED
: BHT. 100,000,000
CAPITAL PAID-UP
: BHT.
100,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SHU MATSUMOTO,
JAPANESE
MANAGING DIRECTOR
NO. OF
STAFF : 450
LINES OF
BUSINESS : DIAMOND JEWELRY
MANUFACTURER AND
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on December 1,
1993 as a
private limited company under
the name style
CHRISTY GEM CO.,
LTD., by Japanese
group, with the
business objective to
manufacture and export
various styles of diamond
jewelry products. It
currently employs approximately
450 staff.
Subject
is a wholly
owned subsidiary of
Kuwayama Corporation,
The
subject’s registered address
is 47/49 Moo
4, Sukhapiban 2
Rd., Dokmai, Prawes,
Bangkok 10250, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
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Mr. Takahiro Kawayama |
[x] |
Japanese |
38 |
|
Mr. Shu Matsumoto |
[x] |
Japanese |
58 |
|
Ms. Chantana Tawachsupa |
|
Thai |
49 |
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Mrs. Remi Koike |
|
Japanese |
32 |
|
Mr. Kaminaga Kozo |
[x] |
Japanese |
56 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign or
both of the
rest directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Shu Matsumoto is
the Managing Director.
He is Japanese
nationality with the
age of 58
years old.
Mrs. Cherdchay Pajon is
the Personnel Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged
in design, manufacturing and
exporting various styles of
diamond jewelry products,
such as ring,
necklace, bracelet, chain
and etc., according
to customer’s requirement.
PURCHASE
Raw material and
machinery are purchased
from suppliers both
in domestic and
overseas mainly in
Japan and India.
MAJOR SUPPLIER
Kuwayama Corporation
Ltd. : Japan
EXPORT
100% of the
products is exported
to Japan, Hong
Kong and U.S.A.
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
The subject was
not disclosed its
banker’s name.
EMPLOYMENT
The
subject employs approximately
450 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in industrial area.
COMMENT
Subject
was formed in
1993 as a
manufacturer and exporter
of jewelry set with
diamond. Its products
are mostly for
export markets. Its
main market are
Japan, USA and
Hong Kong, where currently
been hardly hit
by economic meltdown.
It is estimated
consumption of jewelry
products in these
markets would decline
more than 30%
from this year’s
level, while export
volume of this
year also declines
from the previous
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into 20,000
shares of Bht.
100 each.
The capital was
increased later as
following:
Bht. 5,000,000 on
September 6, 1994
Bht. 100,000,000
on August 14,
2002
The
latest registered capital
was increased to Bht. 100
million, divided into 1,000,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as at
April 30, 2008]
|
NAME |
HOLDING |
% |
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Kuwayama Corporation Ltd. Nationality: Japanese Address : 2-23-21
Higashi Ueno Taiko-ku,
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999,994 |
100.00 |
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Mr. Takahiro Kuwayama Nationality: Japanese Address : 3-5-3
Zendangi Bunkyo-ku, |
1 |
- |
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Mr. Nobuo Ihara Nationality: Japanese Address : 2-12-7
Nishiyama, Kashiwa-shi, |
1 |
- |
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Mr. Yumio Kobayashi Nationality: Japanese Address : 8-52
Matsudo-shi, |
1 |
- |
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Mr. Yukihiro Kuwayama Nationality: Japanese Address : 3-5-3
Zendangi Bunkyo-ku, |
1 |
- |
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Mr. Hitsuo Kuno Nationality: Japanese Address : 5-8-6-404
Chibuya Ku, |
1 |
- |
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Mr. Yoshiyasu Daikoku Nationality: Japanese Address : |
1 |
- |
Total Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Kriengsak Mas-udee No.
3523
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
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Cash in hand
& at Bank
|
38,202,732 |
19,228,073 |
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Trade Accts. Receivable
|
69,530,101 |
63,761,144 |
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Inventories |
142,701,224 |
139,607,862 |
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Other Current Assets
|
2,590,329 |
4,302,984 |
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Total Current Assets
|
253,024,386 |
226,900,063 |
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Other Long-term Investment
|
711,737 |
363,551 |
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Fixed Assets |
133,402,508 |
145,067,034 |
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Computer Programme |
1,157,933 |
2,023,085 |
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Other Assets |
633,964 |
616,623 |
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Total Assets |
388,930,528 |
374,970,356 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
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Trade Accts. Payable |
197,808,623 |
172,203,734 |
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Other Payable |
1,343,168 |
728,134 |
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Accrued Expenses |
2,550,554 |
3,951,501 |
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Current Portion of Payable
under Lease Contract |
553,896 |
380,436 |
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Other Current Liabilities |
1,399,654 |
1,389,082 |
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Total Current Liabilities |
203,655,895 |
178,652,887 |
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Payable under Lease
Contract net of Current Portion |
479,808 |
412,139 |
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Long-term Loan from Related
Company |
45,000,000 |
45,000,000 |
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Total Liabilities |
249,135,703 |
224,065,026 |
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Shareholders' Equity |
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Share capital : Baht 100
value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000 |
100,000,000 |
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Capital Paid |
100,000,000 |
100,000,000 |
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Retained Earning -
Unappropriated |
39,794,825 |
50,905,330 |
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Total Shareholders' Equity |
139,794,825 |
150,905,330 |
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Total Liabilities &
Shareholders' Equity |
388,930,528 |
374,970,356 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
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Sales Income |
648,611,080 |
841,967,325 |
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Reversal of Provision for
Diminution of Assets
|
- |
1,984,037 |
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Services Income |
7,545,372 |
26,235,768 |
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Other Income |
669,322 |
430,938 |
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Total Revenues |
656,825,774 |
870,618,068 |
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Expenses |
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Cost of Goods
Sold |
606,037,723 |
794,224,010 |
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Selling & Administrative Expenses |
61,182,217 |
66,546,951 |
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Total Expenses |
667,219,940 |
860,770,961 |
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Profit / [Loss] Before Interest
Expenses |
10,394,166 |
9,847,107 |
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Interest Expenses |
[716,339] |
[703,359] |
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Net Profit / [Loss] |
[11,110,505] |
9,143,748 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[24.42] |
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Operating Profit |
[239.67] |
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Net Profit |
[221.51] |
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Fixed Assets |
[8.04] |
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Total Assets |
3.72 |
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Profitability |
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Cost of Good
Sold |
92.36 |
91.48 |
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Operating Profit Margin |
[1.58] |
1.13 |
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S & A
Expenses |
9.32 |
7.66 |
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Interest Paid |
0.11 |
0.08 |
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Other Revenues |
0.10 |
0.28 |
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Net Profit Margin |
[1.69] |
1.05 |
|
Earning Per Shares |
[11.11] |
9.14 |
|
No. of Shares |
1,000,000 |
1,000,000 |
Net Sales was
decreased by 24.42%,
Operating Profit was
decreased by 239.67%,
Net Profit was
decreased by 221.51%,
Fixed Assets was
decreased by 8.04%,
Total Assets was
increased by 3.72%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 91.48%
to 92.36%, Operating
Profit Margin was
decreased from 1.13%
to -1.58%, S
& A Expenses
was increased from
7.66% to 9.32%,
Interest Paid was increased
from 0.08% to
0.11%, Other Revenues
was decreased from
0.28% to 0.10%,
Net Profit Margin
was decreased from
1.05% to -1.69%.
Earning Per Shares
was decreased from
9.14 baht per
share to -11.11
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.24 |
1.27 |
|
Quick-Assets Ratio |
0.53 |
0.46 |
Current Ratio was
decreased from 1.27
to 1.24, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.46 to 0.53,
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 |
1.78 |
1.48 |
|
Times Interest Earned |
[14.51] |
14.00 |
D/E Ratio was
increased from 1.48
to 1.78, 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 14.00
to -14.51, capacity
to pay interest
paid was not
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
4.92 |
5.98 |
|
Total Assets Turnover |
1.69 |
2.32 |
|
Return on Assets |
[2.86] |
2.44 |
|
Return on Equity |
[7.95] |
6.06 |
|
Day's Payable |
108.53 |
71.40 |
|
Day’s Inventories |
78.29 |
57.89 |
|
Day’s Receivables |
38.15 |
26.44 |
Fixed Assets Turnover
was decreased from
5.98 times to
4.92 times, Total
Assets Turnover was
decreased from 2.32
times to 1.69
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 2.44 to
-2.86, Return on
Equity was decreased
from 6.06 to
-7.95, capacity to
use Assets to
make profit was
not good.
Day's Payable was
increased from 72
days to 109
days, Day’s Inventories
was increased from
58 days to
79 days, and
Day’s Receivables was
increased from 27
days to 39
days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.97 |
|
|
1 |
Rs.75.45 |
|
Euro |
1 |
Rs.64.21 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)