MIRA
INFORM REPORT
|
Report Date : |
17.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THAI SILP
JEWELRY CO., LTD. |
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Registered Office : |
248 Surawongse Road,
Siphya, 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 : |
12.03.1987 |
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Com. Reg. No.: |
0105530011976 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of Fine Jewelry
Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
THAI SILP JEWELRY
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 248
SURAWONGSE ROAD, SIPHYA,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2233-5658,
2237-2113-4, 2237-2095-6
FAX : [66] 2236-8303,
2631-6538
E-MAIL ADDRESS : thaisilp@loxinfo.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION NO.
: 0105530011976 [Former
: 1194/2530]
CAPITAL REGISTERED
: BHT. 5,000,000
CAPITAL PAID-UP
: BHT.
5,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
KRIENG SRIRAVEEVILAS, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 130
LINES OF
BUSINESS : FINE
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 March
12, 1987 as a
private limited company
under the name
style THAI SILP
JEWELRY CO., LTD.
by Thai group, Sriraveevilas family, in order
to manufacture jewelry
products for exports.
It currently employs
130 staff.
The subject’s registered
address is 248
Surawongse Rd., Siphya, Bangrak,
Bangkok 10500, and
this is the
company’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Krieng Sriraveevilas |
Thai |
60 |
|
Mrs. Amornrat Sriraveevilas |
Thai |
59 |
AUTHORIZED PERSON
One of the above directors
can sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Krieng Sriraveevilas is
the Managing Director.
He is Thai nationality with
the age of
60 years old.
Mrs. Amornrat Sriraveevilas is
the Deputy Managing
Director.
She is Thai nationality with
the age of
59 years old.
Mr. Jane Sriraveevilas is
the Assistant Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and exporting wide
range of fine jewelry in 14K,
18K and 24K
gold settings as well
as diamond, color
stone, pink sapphire
tanzanite,
sap/ruby/emerald,
semi-precious, topaz and
etc. The products are included
ring, pendant, earring,
bracelet and others
in accordance with
customer’s orders.
PURCHASE
Raw materials such
as diamond, gemstones,
and accessories are
purchased from both
local and overseas
suppliers in India,
Hong Kong, Japan
and Belgium.
EXPORT [COUNTRY]
90% of the products is
exported to France,
United Kingdom, Italy,
Germany, United States of
America, Switzerland, Hong
Kong, Japan, Singapore,
Australia, Spain, Canada,
Belgium and etc.
SALES [LOCAL]
10% of the products is
sold and serviced
locally by wholesale
to traders.
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 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
L/C at sight and T/T
on negotiated term.
BUSINESS TRANSACTION
Most of the
import and export
are by L/C at sight.
The subject is not found to have
problem on both
accounts receivable and
accounts payable.
BANKING
Kasikornbank Public Co.,
Ltd.
[Silom Branch
: Silom Rd.,
Bangrak, Bangkok]
EMPLOYMENT
The subject employs
approximately 130 staff,
consists of 30
office and sales
staff [permanent] and 100
factory workers [temporary].
LOCATION DETAILS
The premise is
rented for administrative office and factory
at the heading address. It
is located in
commercial area.
COMMENT
The subject operates as an producer and exporter of jewelry products
with modern design
and expertise in producing. The key factors in assessing the company’s
growth are its experience,
reputation and recognition
from its customers.
Despite consumption
slow down in
domestic market, the
subject still maintains
its good business.
FINANCIAL INFORMATION
The capital was
registered at Bht.
5,000,000 divided into
1,000 shares of
Bht. 5,000 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at April 30,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Krieng Sriraveevilas Nationality : Thai Address : 248
Surawongse Rd., Siphya, Bangrak,
Bangkok 10500 |
690 |
69.00 |
|
Mrs. Amornrat Sriraveevilas Nationality : Thai Address : 248
Surawongse Rd., Siphya, Bangrak,
Bangkok 10500 |
300 |
30.00 |
|
Mr. Pracha Phan-uthaiwat Nationality : Thai Address : 27/81
Moo 19, Suanluang, Prakanong,
Bangkok 10260 |
2 |
0.20 |
|
Mr. Chatri Phan-uthaiwat Nationality : Thai Address :
1073/44-45 New Petchburi
Rd., Makkasan,
Phyathai, Bangkok 10400 |
2 |
0.20 |
|
Mrs. Amornphan Phan-uthaiwat Nationality : Thai Address : 27/81
Moo 19, Suanluang, Prakanong, Bangkok 10260 |
2 |
0.20 |
|
Mrs. Chiewlin Phan-uthaiwat Nationality : Thai Address : 1073/44-45 New Petchburi Rd.,
Makkasan,
Phyathai, Bangkok 10400 |
2 |
0.20 |
|
Mrs. Amornsri Phan-uthaiwat Nationality : Thai Address : 1442/2-3
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
2 |
0.20 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Vinai Srisudto
No. 6021
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
4,899,572.17 |
373,618.45 |
|
Trade Accts. Receivable |
252,012,379.00 |
303,126,051.40 |
|
Inventories |
58,982,938.04 |
51,182,137.73 |
|
Other Current Assets |
4,086,689.28 |
6,318,191.12 |
|
Total Current Assets
|
319,981,578.49 |
360,999,998.70 |
|
|
|
|
|
Fixed Assets |
8,931,148.12 |
10,570,201.17 |
|
Other Assets |
779,766.00 |
779,766.00 |
|
Total Assets |
329,692,492.61 |
372,349,965.87 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft |
- |
18,467,728.40 |
|
Trade Accts. Payable |
99,445,254.85 |
153,951,106.50 |
|
Other Current Liabilities |
8,334,372.19 |
6,714,407.95 |
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Total Current Liabilities |
107,779,627.04 |
179,133,242.85 |
|
Total Liabilities |
107,779,627.04 |
179,133,242.85 |
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Shareholders' Equity |
|
|
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 5,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning -
Unappropriated |
216,912,865.57 |
188,216,723.02 |
|
Total Shareholders' Equity |
221,912,865.57 |
193,216,723.02 |
|
Total Liabilities & Shareholders' Equity |
329,692,492.61 |
372,349,965.87 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
1,059,352,767.22 |
1,023,635,042.27 |
|
Other Income |
11,704,609.51 |
12,828,533.28 |
|
Total Revenues |
1,071,057,376.73 |
1,036,463,575.55 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
996,506,339.76 |
956,472,728.76 |
|
Selling & Administrative Expenses |
32,883,506.69 |
40,276,238.09 |
|
Total Expenses |
1,029,389,846.45 |
996,748,966.85 |
|
|
|
|
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
41,667,530.28 |
39,714,608.70 |
|
Interest Expenses |
[368,699.21] |
[391,552.26] |
|
Income Tax |
[12,602,688.52] |
[12,187,736.19] |
|
Net Profit / [Loss] |
28,696,142.55 |
27,135,320.25 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
3.49 |
|
|
Operating Profit |
1.38 |
|
|
Net Profit |
5.75 |
|
|
Fixed Assets |
[15.51] |
|
|
Total Assets |
[11.46] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
94.07 |
93.44 |
|
Operating Profit Margin |
3.93 |
3.88 |
|
S & A
Expenses |
3.10 |
3.93 |
|
Interest Paid |
0.03 |
0.04 |
|
Other Revenues |
1.10 |
1.25 |
|
Net Profit Margin |
2.71 |
2.65 |
|
Earning Per Shares |
5,739.23 |
5,427.06 |
|
No. of Shares |
5,000 |
5,000 |
Net Sales was
increased by 3.49%,
Operating Profit was
increased by 1.38%,
Net Profit was
increased by 5.75%,
Fixed Assets was
decreased by 15.51%,
Total Assets was
decreased by 11.46%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 93.44%
to 94.07%, Operating
Profit Margin was
increased from 3.88%
to 3.93%, S
& A Expenses
was decreased from
3.93% to 3.10%,
Interest Paid was decreased
from 0.04% to
0.03%, Other Revenues
was decreased from
1.25% to 1.10%,
Net Profit Margin
was increased from
2.65% to 2.71%.
Earning Per Shares
was increased from
5,427.06 baht per
share to 5,739.23
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
2.97 |
2.02 |
|
Quick-Assets Ratio |
2.38 |
1.69 |
Current Ratio was
increased from 2.02
to 2.97, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.69 to 2.38,
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 |
0.49 |
0.93 |
|
Times Interest Earned |
113.01 |
101.43 |
D/E Ratio was
decreased from 0.93
to 0.49, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
101.43 to 113.01,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
118.61 |
96.84 |
|
Total Assets Turnover |
3.21 |
2.75 |
|
Return on Assets |
8.70 |
7.29 |
|
Return on Equity |
12.93 |
14.04 |
|
Day's Payable |
33.79 |
54.14 |
|
Day’s Inventories |
20.04 |
18.00 |
|
Day’s Receivables |
85.64 |
106.61 |
Fixed Assets Turnover
was increased from
96.84 times to
118.61 times, Total
Assets Turnover was
increased from 2.75
times to 3.21
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
7.29 to 8.70,
Return on Equity
was decreased from
14.04 to 12.93,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 55
days to 34
days, while Day’s
Inventories was increased
from 19 days
to 21 days, but Day’s
Receivables was decreased
from 107 days
to 86 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%)