MIRA
INFORM REPORT
|
Report Date : |
17.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ALLURE JEWELLERY
MFG CO., LTD. |
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Registered Office : |
24 Soi Mahaesak
3, Mahaesak 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 : |
08.01.2003 |
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Com. Reg. No.: |
0105546002921 |
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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
ALLURE JEWELLERY
MFG CO., LTD.
SUMMARY
BUSINESS ADDRESS : 24
SOI MAHAESAK 3,
MAHAESAK ROAD,
SURIYAWONGSE, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2635-7301-8
FAX : [66]
2635-7309
E-MAIL ADDRESS : jainreemu@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO.
: 0105546002921 [Former
: 10154600047]
CAPITAL REGISTERED
: BHT.
12,000,000
CAPITAL PAID-UP
: BHT.
12,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MRS. REENU JIAN, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 80
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 GOOD PERFORMANCE
HISTORY
The
subject was established
on January 8,
2003 as a
private limited company
under the name
style ALLURE JEWELLERY MFG
CO., LTD., by
Thai and Indian
groups, to manufacture
and export jewelry
products to overseas
markets. It currently
employs 80 staff.
The subject’s registered address was
initially located at
1249/91 Gems Tower
Bldg., Charoenkrung Rd.,
Suriyawongse, Bangrak, Bangkok
10500.
In 2004, the subject’s registered address was relocated to 24 Mahaesak 3
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mrs. Reenu Jian |
|
Indian |
37 |
|
Mr. Ajay Jian |
|
Indian |
43 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mrs. Reenu Jian is
the Managing Director.
She is Indian nationality with
the age of
37 years old.
Mr. Ajay Jian is
the Assistant Managing
Director.
He is Indian nationality with
the age of
43 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, servicing and exporting
wide range of
gold jewelry products,
such as ring,
bracelet, necklace, pendant,
earring, bangle and
etc., according to
customer’s requirement.
PURCHASE
100% of raw
material; diamond, silver,
gold and pearl
and accessories are
purchased from local
suppliers.
EXPORT
100% of the
products is exported
to India, Hong Kong, Japan,
United States of
America, Australia and
Middle East countries.
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.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 80 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and factory at the
heading address. Premise
is located in
a prime commercial
area.
COMMENT
The subject has
expanded to become an international gem and jewelry business, with well
reputation. It produces medium-end products with sophisticated design and technology. Most of the products have been marketed in overseas countries
where the consumption were strong
in the previous year. However,
current world economic
slowdown has affected
subject’s operating performance
which order from
overseas customers has
gradually declined for
several months. Its
business outlook is
not promising.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 2,000,000 divided into 20,000
shares of Bht.
100 each.
The
capital was increased
later as follows:
Bht. 4,000,000
on May 9,
2003
Bht. 12,000,000
on January 12,
2007
The
latest registered capital
was increased to
Bht. 12,000,000 divided into
120,000 shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at
April 30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Reenu Jian Nationality: Indian Address : 24
Mahaesak 3 Rd.,
Suriyawongse,
Bangrak, Bangkok |
46,800 |
39.00 |
|
Mr. Sorasak Boonphalert Nationality: Thai Address : 411/29
Krungthep-kreetha Rd., Huamark,
Bangkapi, Bangkok |
13,200 |
11.00 |
|
Mr. Meedej Manik Nationality: Thai Address : 83
Moo 2, Pumreang,
Chaiya, Suratthani |
12,000 |
10.00 |
|
Mr. Pichet Piyaphan Nationality: Thai Address : 25
Moo 5, Thaphraya, Nakornchaisri,
Nakornpathom |
12,000 |
10.00 |
|
Ms. Siwaporn Netrsawang Nationality: Thai Address : 20
Moo 2, Sanamyae,
Thamaka,
Kanchanaburi |
12,000 |
10.00 |
|
Ms. Rujires Sathienbut Nationality: Indian Address : 2
Moo 3, Lipanoi,
Koh Samui, Suratthani |
12,000 |
10.00 |
|
Mr. Aje Jian Nationality: Indian Address : 24
Mahaesak 3 Rd.,
Suriyawongse,
Bangrak, Bangkok |
10,200 |
8.50 |
|
Ms. Archana Jain Nationality: Indian Address : 24
Mahaesak 3 Rd.,
Suriyawongse,
Bangrak, Bangkok |
1,800 |
1.50 |
Total Shareholders :
8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Chuen Benrohmann No.
1996
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
844,507.78 |
144,538.51 |
|
Trade Accts. Receivable |
55,612,061.26 |
39,243,921.96 |
|
Inventories |
47,545,426.37 |
26,367,892.15 |
|
Other Current Assets
|
215,813.13 |
116,940.26 |
|
Total Current Assets
|
104,217,808.54 |
65,873,292.88 |
|
|
|
|
|
Fixed Assets |
1,961,790.09 |
2,225,350.56 |
|
Other Assets |
165,642.74 |
180,893.42 |
|
Total Assets |
106,345,241.37 |
68,279,536.86 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Short Term Loan
from Financial Institution |
13,600,000.00 |
- |
|
Trade Accts. Payable |
47,478,407.66 |
37,282,098.85 |
|
Current Portion of Long-term Loan |
2,638,132.80 |
- |
|
Short Term Loan from
Related Company |
400,000.00 |
1,500,000.00 |
|
Other Current Liabilities |
3,543,040.75 |
10,234,293.56 |
|
Total Current Liabilities |
67,659,581.21 |
49,016,392.41 |
|
|
|
|
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Other Long-term Loan |
20,384,706.12 |
8,674,215.46 |
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Total Liabilities |
88,044,287.33 |
57,690,607.87 |
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Shareholders' Equity |
|
|
|
|
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 120,000 & 40,000 shares in 2007 & 2006 |
12,000,000.00 |
4,000,000.00 |
|
Capital Paid |
12,000,000.00 |
4,000,000.00 |
|
Retained Earning -
Unappropriated |
6,300,954.04 |
6,588,928.99 |
|
Total Shareholders' Equity |
18,300,954.04 |
10,588,928.99 |
|
Total Liabilities &
Shareholders' Equity |
106,345,241.37 |
68,279,536.86 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales Income |
169,338,968.69 |
125,038,155.56 |
|
Other Income |
1,252,878.67 |
3,852,633.02 |
|
Total Revenues |
170,591,847.36 |
128,890,788.58 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
154,289,096.74 |
112,862,225.46 |
|
Selling & Administrative Expenses |
13,517,078.43 |
10,639,823.29 |
|
Total Expenses |
167,806,175.17 |
123,502,048.75 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
2,785,672.19 |
5,388,739.83 |
|
Interest Expenses |
[1,716,960.54] |
[904,694.67] |
|
Income Tax |
[1,356,686.60] |
[1,140,517.60] |
|
Net Profit / [Loss] |
[287,974.95] |
3,343,527.56 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
35.43 |
|
|
Operating Profit |
[61.83] |
|
|
Net Profit |
[108.61] |
|
|
Fixed Assets |
[11.84] |
|
|
Total Assets |
55.75 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
91.11 |
90.26 |
|
Operating Profit Margin |
1.65 |
4.31 |
|
S & A
Expenses |
7.98 |
8.51 |
|
Interest Paid |
1.01 |
0.72 |
|
Other Revenues |
0.74 |
3.08 |
|
Net Profit Margin |
[0.17] |
2.67 |
|
Earning Per Shares |
[2.40] |
83.59 |
|
No. of Shares |
120,000 |
40,000 |
Net Sales was
increased by 35.43%,
Operating Profit was
decreased by 61.83%,
Net Profit was
decreased by 108.61%,
Fixed Assets was
decreased by 11.84%,
Total Assets was
increased by 55.75%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 90.26%
to 91.11%, Operating
Profit Margin was decreased from
4.31% to 1.65%,
S & A
Expenses was decreased
from 8.51% to
7.98%, Interest Paid was
increased from 0.72%
to 1.01%, Other
Revenues was decreased
from 3.08% to
0.74%, Net Profit
Margin was decreased
from 2.67% to
-0.17%.
Earning Per Shares
was decreased from
83.59 baht per
share to -2.40
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.54 |
1.34 |
|
Quick-Assets Ratio |
0.83 |
0.80 |
Current Ratio was
increased from 1.34
to 1.54, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.80 to 0.83,
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 |
4.81 |
5.45 |
|
Times Interest Earned |
1.62 |
5.96 |
D/E Ratio was
decreased from 5.45
to 4.81, 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 5.96
to 1.62, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
86.32 |
56.19 |
|
Total Assets Turnover |
1.59 |
1.83 |
|
Return on Assets |
[0.27] |
4.90 |
|
Return on Equity |
[1.57] |
31.58 |
|
Day's Payable |
100.93 |
107.34 |
|
Day’s Inventories |
101.08 |
75.92 |
|
Day’s Receivables |
118.23 |
112.99 |
Fixed Assets Turnover
was increased from
56.19 times to
86.32 times, Total
Assets Turnover was decreased from
1.83 times to
1.59 times, show
the company could
use Fixed Assets
so efficiently, Return
on Assets was
decreased from 4.90
to -0.27, Return
on Equity was
decreased from 31.58
to -1.57, capacity
to use Assets to make
profit was not
good.
Day's Payable was
decreased from 108
days to 101
days, while Day’s
Inventories was increased
from 76 days
to 102 days, and Day’s
Receivables was increased
from 113 days
to 119 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.68 |
|
UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
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%)