MIRA
INFORM REPORT
|
Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MILLENNIUM
DESIGN CO., LTD. |
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|
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|
Registered Office : |
221/42 Moo 10,
Petchkasem Road, Bangkae, Bangkok
10150 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
29.04.1999 |
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Com. Reg. No.: |
0105542030865 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter and
Distributor of Fine
Jewelry Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
MILLENNIUM DESIGN
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 221/42 MOO 10, PETCHKASEM
ROAD,
BANGKAE, BANGKOK
10150
TELEPHONE : [66]
2421-0061-3
FAX :
[66] 2421-0064
E-MAIL ADDRESS : saruttaya@millenniumdesign.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO.
: 0105542030865 [Former : [3]574/2542]
CAPITAL REGISTERED
: BHT. 17,000,000
CAPITAL PAID-UP
: BHT. 17,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. ERSHAD ISMAIL SHEIK, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 126
LINES OF
BUSINESS : FINE
JEWELRY PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
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 April 29,
1999 as a
private limited company
under the name
style MILLENNIUM DESIGN
CO., LTD., by
Thai and Indian
groups, with the business
objective to manufacture
and design fine
jewelry products to
both domestic and
international markets. It
currently employs approximately 126 staff.
The
subject’s registered address
is 221/42 Moo 10,
Petchkasem Rd., Bangkae,
Bangkok 10150, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Imtiyaz Ahmed Mohamed
Ismail Shaikh |
|
Indian |
36 |
|
Mr. Ershad Ismail Sheik |
|
Indian |
35 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Ershad Ismail Sheik
is the Managing Director.
He is Indian nationality with
the age of
35 years old.
Mr. Imtiyaz Ahmed Mohamed
Ismail Shaikh is
the General Manager.
He is Indian nationality with
the age of
36 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and designing of
fine jewelry in
18k gold with
diamond and precious
stones according to
customer’s requirement.
PURCHASE
Raw materials such
as diamond, precious
stones and components
are purchased from
suppliers both domestic
and overseas, mainly
in India and
U.S.A..
EXPORT
95%
of the products are
exported to India,
Japan, Hong Kong,
U.S.A. and European
countries.
SALES [LOCAL]
5% the products is sold
and serviced locally
to wholesalers.
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
Sales are by
cash or on
the credits term
of 30-60 days.
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 126 staff.
LOCATION DETAILS
The
premise is rented
for administrative office, factory
and warehouse at
the heading address.
Premise is located
in commercial/residential area.
Remark
CREDIT OF US$ 500,000 SHOULD BE ON SECURED
BASIS
COMMENT
The subject posted its
sales revenue in
2007 at 118.9 million baht,
which was higher
than the previous
year. Since the
subject has expanded
to new market like Europe
and Middle East,
its sales have
turned to positive
outcome. However, world
consumption of luxuries
goods including jewelry products
is on downward trend. The
products, which have
been exported to
overseas markets, have
been declined for
several months from factors
weakening of jewelry
industry.
The economic outlook
would pressure subject’s
prospect and expected
its sales would
have slow growth
this 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. 4,000,000 on June 15,
2000
Bht. 12,000,000
on January 9,
2002
Bht. 17,000,000
on April 20,
2005
The
latest registered capital
was increased to Bht. 17,000,000 divided into 170,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Imtiyaz Ahmed Mohamed
Ismail Shaikh Nationality: Indian Address : 221/42
Moo 10, Petchkasem Rd.,
Bangkae, Bangkok |
45,000 |
26.47 |
|
Mr. Ershad Ismail Sheik Nationality: Indian Address : 221/42
Moo 10, Petchkasem Rd.,
Bangkae, Bangkok |
38,300 |
22.53 |
|
Ms. Vilaiwan Srisutham Nationality: Thai Address : 539/1722
Moo 10, Bangpueng, Phrapradaeng, Samutprakarn |
18,300 |
10.76 |
|
Ms. Panida Punthumethawong Nationality: Thai Address : 19/129
Moo 5, Suksawad
Rd., Jomthong, Bangkok |
17,100 |
10.06 |
|
|
|
|
|
Ms. Kusalin Yooharn Nationality: Thai Address : 36/2
Moo 1, Kohkwang,
Muang,
Chanthaburi |
17,100 |
10.06 |
|
Ms. Euamporn Sukmool Nationality: Thai Address : 191/45
Nares Rd., Siphaya,
Bangrak, Bangkok |
17,100 |
10.06 |
|
Ms. Suwanna Noojuey Nationality: Thai Address : 5
Moo 13, Nongkang,
Uthumpornpisai, Srisaket |
17,100 |
10.06 |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Patranand Pornviwatsuk
No. 7491
BALANCE SHEET [BAHT]
The latest financial figures published as at
December 31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
40,938.96 |
255,704.27 |
|
Trade Accts. &
Notes Receivable |
7,461,591.27 |
5,395,788.92 |
|
Short Term Loan
to Related Person |
- |
4,000,000.00 |
|
Inventories |
11,534,324.53 |
16,397,987.86 |
|
Other Current Assets
|
2,120,317.64 |
1,727,218.15 |
|
|
|
|
|
Total Current Assets
|
21,157,172.40 |
27,776,699.20 |
|
Cash at Bank
pledged as a
Collateral |
- |
5,123,598.06 |
|
Fixed Assets |
2,484,860.52 |
1,670,397.64 |
|
Total Assets |
23,642,032.92 |
34,570,694.90 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Short Term Loan
from Financial Institution |
- |
9,977,000.00 |
|
Trade Accts. Payable |
19,698,205.33 |
26,704,032.38 |
|
Other Current Liabilities |
1,182,295.41 |
2,330,324.99 |
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|
|
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Total Current Liabilities |
20,880,500.74 |
39,011,357.37 |
|
Total Liabilities |
20,880,500.74 |
39,011,357.37 |
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Shareholders' Equity |
|
|
|
|
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 170,000 &
120,000 shares in 2007 & 2006 |
12,000,000.00 |
12,000,000.00 |
|
|
|
|
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Capital Paid |
12,000,000.00 |
12,000,000.00 |
|
Unappropriated [Deficit] |
[14,238,467.82] |
[16,440,662.47] |
|
Total Shareholders' Equity
[Deficit] |
2,761,532.18 |
[4,440,662.47] |
|
Total Liabilities &
Shareholders' Equity |
23,642,032.92 |
34,570,694.90 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales Income |
117,393,958.42 |
59,345,314.15 |
|
Gain on Exchange
Rate |
1,397,737.09 |
253,243.91 |
|
Interest Income |
152,869.12 |
60,256.88 |
|
Other Income |
0.06 |
3,528.67 |
|
Total Revenues |
118,944,564.69 |
59,662,343.61 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
103,099,540.61 |
45,671,435.37 |
|
Selling & Administrative Expenses |
11,989,868.70 |
14,448,444.44 |
|
Total Expenses |
115,089,409.38 |
60,119,879.81 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
3,855,155.31 |
[457,536.20] |
|
Interest Expenses |
[314,704.09] |
[477,979.88] |
|
Income Tax |
[1,338,256.57] |
[622,055.72] |
|
|
|
|
|
Net Profit / [Loss] |
2,202,194.65 |
[1,557,571.80] |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
97.82 |
|
|
Operating Profit |
[525.95] |
|
|
Net Profit |
241.39 |
|
|
Fixed Assets |
48.76 |
|
|
Total Assets |
[31.61] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
87.82 |
76.96 |
|
Operating Profit Margin |
3.28 |
[0.77] |
|
S & A
Expenses |
10.21 |
24.35 |
|
Interest Paid |
0.27 |
0.81 |
|
Other Revenues |
1.32 |
0.53 |
|
Net Profit Margin |
1.88 |
[2.62] |
|
Earning Per Shares |
12.95 |
[12.98] |
|
No. of Shares |
170,000 |
120,000 |
Net Sales was
increased by 97.82%,
Operating Profit was
decreased by 525.95%,
Net Profit was increased by
241.39%, Fixed Assets
was increased by
48.76%, Total Assets
was decreased by
31.61%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 76.96%
to 87.82%, Operating
Profit Margin was
increased from -0.77%
to 3.28%, S
& A Expenses
was decreased from
24.35% to 10.21%,
Interest Paid was decreased
from 0.81% to
0.27%, Other Revenues
was increased from
0.53% to 1.32%,
Net Profit Margin
was increased from
-2.62% to 1.88%.
Earning Per Shares
was increased from
-12.98 baht per
share to 12.95
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.01 |
0.71 |
|
Quick-Assets Ratio |
0.36 |
0.25 |
Current Ratio was
increased from 0.71
to 1.01, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was good,
Quick-Assets Ratio was
increased from 0.25
to 0.36, 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 |
7.56 |
[8.79] |
|
Times Interest Earned |
12.25 |
[0.96] |
D/E Ratio was
increased from -8.79
to 7.56, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high, Times
Interest Earned was
increased from -0.96
to 12.25, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
47.24 |
35.53 |
|
Total Assets Turnover |
4.97 |
1.72 |
|
Return on Assets |
9.31 |
[4.51] |
|
Return on Equity |
79.75 |
[35.08] |
|
Day's Payable |
60.41 |
161.99 |
|
Day’s Inventories |
35.37 |
99.47 |
|
Day’s Receivables |
22.88 |
32.73 |
Fixed Assets Turnover
was increased from
35.53 times to
47.24 times, Total
Assets Turnover was
increased from 1.72
times to 4.97
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-4.51 to 9.31,
Return on Equity
was increased from
-35.08 to 79.75,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 162
days to 61
days, Day’s Inventories
was decreased from
100 days to
36 days, and
Day’s Receivables was
decreased from 33
days to 23
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
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%)