MIRA
INFORM REPORT
|
Report Date : |
14.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VICHIT SIND JEWELRY MANUFACTURE COMPANY LIMITED |
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Registered Office : |
285/9-10 Surawong Road,
Suriyawongse, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
18.04.1979 |
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Com. Reg. No.: |
0105522007841 |
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Legal Form : |
Private 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
VICHIT SIND JEWELRY MANUFACTURE COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 285/9-10 SURAWONG ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66]
2236-7669, 2236-9228-9
FAX : [66] 2236-7660
E-MAIL ADDRESS : vsjewel@loxinfo.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1979
REGISTRATION NO.
: 0105522007841
CAPITAL REGISTERED
: BHT. 20,000,000
CAPITAL PAID-UP
: BHT. 20,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. CHIT MAHATCHAWAROJ, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 100
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 April 18, 1979
as a private limited company under the name style VICHIT SIND JEWLRY MANUFACTURE
COMPANY LIMITED by
Thai groups, in
order to manufacture
and export various
kinds of jewelry
products. It currently employs
approximately 100 staff.
The
subject’s registered address
is 285/9-10 Surawong
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
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|
|
|
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Mr. Chit Mahatchawaroj |
[x] |
Thai |
71 |
|
Mrs. Bunyaluck Mahatchawaroj |
[x] |
Thai |
62 |
|
Mr. Chitrawat Mahatchawaroj |
|
Thai |
- |
|
Mr. Kasem Ma |
|
Thai |
- |
AUTHORIZED PERSON
One of the mentioned directors [x] can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Chit Mahatchawaroj is
the Managing Director.
He is Thai nationality with
the age of
71 years old.
BUSINESS OPERATIONS
The subject is engaged in manufacturing and
exporting various kinds
of jewelry products,
such as ring,
earring, necklace, bracelet,
pendant, pin and etc.,
according to customers’
requirement.
PURCHASE
100% of raw
materials; diamond, gemstone,
pearl and gold
are purchased from
local suppliers.
EXPORT
100% of the
products is exported
mainly to Middle
East countries, such
as Saudi Arabia,
Oman, Iran, Israel,
U.A.E., Egypt, Bahrain
and etc.
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.
Exports are against
T/T on 30-60 days term.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 100 staff.
LOCATION DETAILS
The premise
is owned for
administrative office and factory I at the heading address.
Premise is located
in a prime commercial area.
Factory
II is located at 287/30-31
Surawong Rd., Suriyawongse, Bangrak, Bangkok 10500.
REMARK
CREDIT
OF US$ 500,000 SHOULD
BE IN ORDER.
COMMENT
The
subject was formed
in 1979 as an
manufacturer and exporter
of jewelry products. Its products have
been served to
international markets. Jewelry market
slowdown from economic
sluggish has also
mirrored of sales
revenue to decline
sharply. World consumption would be hard hit
by current economy crisis.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 12,000,000 divided
into 120,000 shares of Bht. 100 each.
On
September 2, 2005,
the capital was
increased to Bht. 20,000,000 divided into 200,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at
April 30, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mrs. Bunyaluck Mahatchawaroj Nationality: Thai Address : 285/9-10
Surawong, Sauriyawongse, Bangkok |
67,000 |
33.50 |
|
Mr. Chit Mahatchawaroj Nationality: Thai Address : 285/9-10
Surawong, Sauriyawongse, Bangkok |
49,000 |
24.50 |
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Mr. Chitrawat Mahatchawaroj Nationality: Thai Address : 285/9-10
Surawong, Sauriyawongse, Bangkok |
31,000 |
15.50 |
|
Mr. Kasem Ma Nationality: Thai Address : 285/9-10
Surawong, Sauriyawongse, Bangkok |
18,000 |
9.00 |
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Mrs. Nadda Wong Nationality: Thai Address : 285/9-10
Surawong, Sauriyawongse, Bangkok |
13,000 |
6.50 |
|
Ms. Ajchara Mahatchawaroj Nationality: Thai Address : 285/9-10
Surawong, Sauriyawongse, Bangkok |
10,000 |
5.00 |
|
Mr. Boonma Srisupornvanich Nationality: Thai Address : 97
Charoenkrung Rd., Siphya,
Bangrak, Bangkok |
6,000 |
3.00 |
|
Mrs. Sovida Mahatchawaroj Nationality: Thai Address : 285/9-10
Surawong, Sauriyawongse, Bangkok |
6,000 |
3.00 |
Total Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Pornphan
Pongchindathip No. 3019
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
1,914,936.19 |
3,112,547.37 |
|
Trade Accts. Receivable |
45,940,150.60 |
38,482,913.81 |
|
Inventories |
42,676,821.38 |
46,041,213.19 |
|
Other Current Assets
|
1,057,079.47 |
663,919.98 |
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Total Current Assets
|
91,588,987.64 |
88,300,594.35 |
|
|
|
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Fixed Assets |
7,924,791.17 |
10,293,900.97 |
|
Other Assets |
383,040.00 |
383,040.00 |
|
Total Assets |
99,896,818.81 |
98,977,535.32 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Payable Short Term Loan
from Bank |
22,000,000.00 |
22,000,000.00 |
|
Current Portion of Hire-purchase Payable |
448,333.40 |
1,811,666.57 |
|
Accrued Income Tax |
1,138,948.54 |
1,537,873.05 |
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Other Current Liabilities |
348,705.25 |
546,380.57 |
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Total Current Liabilities |
23,935,987.19 |
25,895,920.19 |
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|
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Hire-purchase Payable |
- |
448,333.40 |
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Total Liabilities |
23,935,987.19 |
26,344,253.59 |
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Shareholders' Equity |
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
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Capital Paid |
20,000,000.00 |
20,000,000.00 |
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Retained Earning -
Unappropriated |
55,960,831.62 |
52,633,281.73 |
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Total Shareholders' Equity |
75,960,831.62 |
72,633,281.73 |
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Total Liabilities &
Shareholders' Equity |
99,896,818.81 |
98,977,535.32 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
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Sales Income |
155,570,531.26 |
165,148,835.52 |
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Other Income |
346,486.23 |
233,643.86 |
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Total Revenues |
155,917,017.49 |
165,382,479.38 |
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Expenses |
|
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|
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|
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Cost of Goods
Sold |
125,318,788.74 |
129,674,866.28 |
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Selling & Administrative Expenses |
22,858,280.17 |
25,611,126.50 |
|
Total Expenses |
148,177,068.91 |
155,285,992.78 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
7,739,948.58 |
10,096,486.60 |
|
Interest Expenses |
[1,274,968.20] |
[1,595,597.44] |
|
Income Tax |
[2,376,448.54] |
[2,775,373.05] |
|
Net Profit / [Loss] |
4,088,531.84 |
5,725,516.11 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[5.80] |
|
|
Operating Profit |
[18.62] |
|
|
Net Profit |
[28.59] |
|
|
Fixed Assets |
[23.01] |
|
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Total Assets |
0.93 |
|
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Profitability |
|
|
|
Cost of Good
Sold |
80.55 |
78.52 |
|
Operating Profit Margin |
4.98 |
6.11 |
|
S & A
Expenses |
14.69 |
15.51 |
|
Interest Paid |
0.82 |
0.97 |
|
Other Revenues |
0.22 |
0.14 |
|
Net Profit Margin |
2.63 |
3.47 |
|
Earning Per Shares |
20.44 |
28.63 |
|
No. of Shares |
200,000 |
200,000 |
Net Sales was
decreased by 5.80%,
Operating Profit was
decreased by 18.62%,
Net Profit was
decreased by 28.59%,
Fixed Assets was
decreased by 23.01%,
Total Assets was
increased by 0.93%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 78.52%
to 80.55%, Operating
Profit Margin was
decreased from 6.11%
to 4.98%, S
& A Expenses
was decreased from
15.51% to 14.69%,
Interest Paid was decreased
from 0.97% to
0.82%, Other Revenues
was increased from
0.14% to 0.22%,
Net Profit Margin
was decreased from
3.47% to 2.63%.
Earning Per Shares
was decreased from
28.63 baht per
share to 20.44
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
3.83 |
3.41 |
|
Quick-Assets Ratio |
2.00 |
1.61 |
Current Ratio was
increased from 3.41
to 3.83, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.61 to 2.00,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
0.32 |
0.36 |
|
Times Interest Earned |
6.07 |
6.33 |
D/E Ratio was
decreased from 0.36
to 0.32, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low, Times
Interest Earned was
decreased from 6.33
to 6.07, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
19.63 |
16.04 |
|
Total Assets Turnover |
1.56 |
1.67 |
|
Return on Assets |
4.09 |
5.78 |
|
Return on Equity |
5.38 |
7.88 |
|
Day’s Inventories |
98.76 |
100.36 |
|
Day’s Receivables |
106.31 |
83.89 |
Fixed Assets Turnover
was increased from
16.04 times to 19.63 times,
Total Assets Turnover
was decreased from
1.67 times to
1.56 times, show
the company could
use Fixed Assets
so efficiently, Return
on Assets was
decreased from 5.78
to 4.09, Return
on Equity was
decreased from 7.88
to 5.38, capacity
to use Assets to make
profit was good.
Day’s Inventories was
decreased from 101
days to 99
days, while Day’s
Receivables was increased
from 84 days
to 107 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.71 |
|
UK Pound |
1 |
Rs.83.30 |
|
Euro |
1 |
Rs.65.12 |
RATING
EXPLANATIONS
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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%)