MIRA
INFORM REPORT
|
Report Date : |
20.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
BEAUTY GEMS
FACTORY CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
05.06.1973 |
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Com. Reg. No.: |
0105516005794 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter and
Distributor of Gems and 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 : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of company
BEAUTY GEMS
FACTORY CO., LTD.
SUMMARY
BUSINESS ADDRESS : 31
BEAUTY GEMS CENTER,
SILOM, BANGRAK,
TELEPHONE : [66] 2233-7630-4,
2237-8680-9
FAX : [66] 2236-6784,
2237-5664-5
E-MAIL ADDRESS : info@beautygems.com
REGISTRATION ADDRESS :
ESTABLISHED : 1973
REGISTRATION NO.
: 0105516005794 [Former : 581/2516]
CAPITAL REGISTERED
: BHT.
300,000,000
CAPITAL PAID-UP
: BHT.
300,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : DR.
SUNEE SRIORATHAIKUL, THAI
SENIOR PRESIDENT
NO. OF
STAFF : 3,497
LINES OF
BUSINESS : GEMS
AND JEWELRY PRODUCTS
MANUFACTURER, EXPORTER & DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on June
5, 1973 as
a private limited
company under the
name style BEAUTY GEMS
FACTORY CO., LTD. by Mr.
Pornsit Sriorathaikul and
Thai Partners, in order to
engage in international
gems and jewelry
business, as well as distributing and exporting the products
to domestic and overseas markets. It
currently employs 3,497
staff.
The subject’s registered
address is 1240-1242
Charoenkrung Rd., Bangrak,
Bangkok 10500, while
the subject’s current
administrative office is
at 31 Beauty
Gems Center, Saladaeng
Rd., Silom, Bangrak,
Bangkok 10500.
Awards and Honours
Tangible recognition for Beauty Gems Factory Co., Ltd.’s dedication to excellence has come in the form of an exceptional collection of international awards and honours. Each award received reflects the creativity and talent of its employees, and serves as inspiration to achieve even greater standards
1981-2 International
1986 The American
1987 The Top Exporter of the Year Award
1988 Diamonds
International Award for diamond and onyx earrings, De Beers in
The
International Europe Award II,
1991-2 The Best 100 Products, Consumer Protection Society of
Hong Kong Diamond Design Award
Top Ten Jewel Fest II (three awards)
Top Ten Jewel Fest III (five awards)
Top Ten Jewel Fest IV (four awards)
Silver
medal, 33rd International Youth Skill Olympics,
Excellent Quality Award
International Diamond Star for
Top Ten Jewel Award V (seven awards)
Top Ten Jewel Award VI (seven awards)
First Invisible Precious Stones with Diamond Jewel Award, Thai Gem and Jewelry
Traders Association
Second Diamond Jewelry Jewel Award
ISO 9001 certification by UKAS
First, Third and Fourth prize winner in the category of Jewelry Set with Marcasites and
Genuine
Gemstones and Marcasites FANTASTIKA, the 3rd
Contest
Etc.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pornsit Sriorathaikul |
: Chairman [x] |
Thai |
60 |
|
Dr. Sunee Sriorathaikul |
[x] |
Thai |
59 |
|
Mr. Surasit Sriorathaikul |
[x] |
Thai |
37 |
|
Mr. Suriyon Sriorathaikul |
[x] |
Thai |
35 |
|
Mrs. Surang Sriorathaikul |
|
Thai |
36 |
|
Mr. Pichait Palanugool |
[x] |
Thai |
64 |
|
Mrs. Hatairat Jor-Khunopakorn |
: Vice
Chairman |
Thai |
53 |
|
Mrs. Yupin Laiteerapong |
[x] |
Thai |
57 |
|
Mr. Montri Nerakanthee |
[x] |
Thai |
51 |
|
Mrs. Ajchariya Wong-ariya |
|
Thai |
34 |
|
Mr. Veerasak Sathienwantanee |
|
Thai |
57 |
|
Mr. Arthorn Sitthisomboon |
|
Thai |
46 |
AUTHORIZED PERSON
Two of the above
directors [x] can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Dr. Sunee Sriorathaikul is
the Senior President.
She is Thai
nationality with the
age of 59
years old.
Mr. Surasit Sriorathaikul is
the President.
He is Thai
nationality with the
age of 37
years old.
Mrs. Yupin Laiteerapong is
the Vice President.
She is Thai
nationality with the
age of 57
years old.
Mr. Suriyon Sriorathaikul is
the Managing Director
He is Thai
nationality with the
age of 35
years old.
Mr. Montri Nekantree is
the Business Relation
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in international
Gems and Jewelry
business, by manufacturing
wide range of
jewelry products; Diamond
Ring, Diamond Earrings,
Diamond and Ruby
Rings, Diamond and
Rhodolite Ring, Diamond
and Sapphire Rings
and etc., under
customers’ requirements.
PURCHASE
Raw materials; diamond,
gold and accessories are
purchased from both domestic
and overseas suppliers
in South Africa,
India and Belgium.
DISTRIBUTION
90% of its
products is exported
to Japan, United Kingdom, Germany,
France, Italy, Hong Kong,
Middle East country
and United States of
America, and the
rest 10% is
sold locally by
through 14 showrooms
and outlets in Bangkok
and provincial as
follows:
- Central Department Store,
Rama 2 Branch
- Central Department Store,
Rama 3 Branch
- Central Department Store,
Rangsit Branch
- Central Department Store,
Ramindra Branch
- Central Department Store,
Hadyai Branch
-
-
-
-
-
-
- 1240-1242 Charoenkrung Rd.,
Bangrak,
- Dusit Thani Hotel
-
Related Companies
Beauty Gems group
of companies, consists
of
- Beauty Gems
Enterprise Co., Ltd.
Business Type: Distributor
of jewellery
- Beauty Gems LP.
Business Type: Distributor
of jewellery
- Beauty Gems
Group Co., Ltd.
Business Type: Manufacturer & distributor of
jewellery products
- Beauty Gems International
Co., Ltd.
Business Type: Land
developer
- Beauty Gems
and Jewellery Co., Ltd.
Business Type: Distributor
of jewelry
- Beauty of
Bangkok Co., Ltd.
Business Type: Land Developer
- Beauty Gems Center
Co., Ltd.
Business Type: Properties business
- Beauty Gems Holding
Co., Ltd.
Business Type: Manufacturer &
distributor jewelry products
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
30-60-90 days.
Imports are by
L/C at sight
or T/T on
negotiated term.
Exports are against
L/C or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office :
Kasikornbank Public Co.,
Ltd.
[Head Office :
EMPLOYMENT
The subject employs
approximately 3,497 staff. [office
staff and factory
workers]
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in commercial
area.
Factory is located
at 99/9 Soi
Poonsapsin, Ramkhamhaeng Rd.,
Huamark, Bangkapi, Bangkok
10240, Tel: [66] 2718-5361-5,
2718-5371-5, Fax: [66] 2318-0774.
COMMENT
The subject has
long been recognized
as the pioneers
in Thailand’s gems
and jewelry industry.
Its products are
renowned for its
perfection in the
world’s leading markets. The subject has developed a
reputation that is synonymous with museum quality, exquisite design and
sophisticated high-end pieces
for a discerning
market.
However, current world
economic crisis has
affected jewelry consumption
market as a
whole, it is
estimated that subject would
have negative outcome this
year.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 3,000,000 divided
into 1,000 shares
of Bht. 3,000
each with fully
paid.
The capital was
increased later as
follows:
Bht. 13,000,000 on
January 28, 1985
Bht. 30,000,000 on
June 30, 1989
Bht. 150,000,000
on August 21,
1990
Bht. 300,000,000
on September 12,
2006
The latest registered
capital was increased
to Bht. 300,000,000 divided
into 100,000 shares
of Bht. 3,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at
April 30, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pornsit Sriorathaikul Nationality: Thai Address : |
25,000 |
25.00 |
|
Dr. Sunee Sriorathaikul Nationality: Thai Address : |
25,000 |
25.00 |
|
Mr. Surasit Sriorathaikul Nationality: Thai Address :
Wattana, |
21,000 |
21.00 |
|
Mr. Suriyon Sriorathaikul Nationality: Thai Address :
Wattana, |
21,000 |
21.00 |
|
Mr. Pichait Palanugool Nationality: Thai Address :
Bangkapi, |
5,000 |
5.00 |
|
Mrs. Yupin Layteerapong Nationality: Thai Address : |
1,000 |
1.00 |
|
Mrs. Hatairat Jor-Khunopakorn Nationality: Thai Address : 59/169 Moo 4,
Sapansung, Buengkum, |
500 |
0.50 |
|
Mrs. Surang Sriorathaikul Nationality: Thai Address : 27/14 Sukhumvit
Klongtoeynua,
Wattana, |
500 |
0.50 |
|
Mrs. Ajchariya Wong-araya Nationality: Thai Address : Wattana, |
500 |
0.50 |
|
Others |
500 |
0.50 |
Total Shareholders : 19
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Sathien Sathienpanich
No. 2893
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
|
34,991,396.78 |
60,352,170.24 |
|
Trade Accts. Receivable |
1,184,393,247.97 |
1,221,644,943.89 |
|
Inventories |
1,367,073,002.24 |
1,452,033,382.29 |
|
Other Current Assets
|
43,403,232.74 |
38,303,744.93 |
|
|
|
|
|
Total Current Assets
|
2,629,860,879.73 |
2,772,334,241.35 |
|
Other Long-term Investment |
183,860,915.00 |
197,599,437.80 |
|
Long-term Loan to
Person or Related
Companies |
129,510,000.00 |
103,200,000.00 |
|
Fixed Assets |
320,233,516.83 |
331,977,504.93 |
|
Other Assets |
12,243,296.87 |
27,143,165.28 |
|
Total Assets |
3,275,708,608.43 |
3,432,254,349.36 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
1,731,464,358.56 |
2,003,303,378.61 |
|
Trade Accts. Payable |
516,157,095.18 |
436,099,632.13 |
|
Other Current Liabilities |
77,700,610.76 |
112,683,489.73 |
|
|
|
|
|
Total Current Liabilities |
2,325,322,064.50 |
2,552,086,500.47 |
|
Other Liabilities |
940,130.00 |
133,346.34 |
|
Total Liabilities |
2,326,262,194.50 |
2,552,219,846.81 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 3,000
par value authorized, issued
and fully paid share
capital 100,000 &
50,000 shares in 2006 & 2005 |
300,000,000.00 |
300,000,000.00 |
|
|
|
|
|
Capital Paid |
300,000,000.00 |
300,000,000.00 |
|
Unappropriated |
649,446,413.93 |
580,034,502.55 |
|
Total Shareholders' Equity |
949,446,413.93 |
880,034,502.55 |
|
Total Liabilities &
Shareholders' Equity |
3,275,708,608.43 |
3,432,254,349.36 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales - Export |
3,845,562,659.77 |
4,242,855,246.28 |
|
Sales - Domestic |
41,621,532.67 |
37,358,987.21 |
|
Rental Income |
2,800,000.00 |
2,492,000.00 |
|
Other Income |
29,285,914.91 |
99,255,755.51 |
|
Total Revenues |
3,919,270,107.35 |
4,381,961,989.00 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,312,667,147.40 |
3,735,353,104.62 |
|
Selling & Administrative Expenses |
399,625,506.26 |
406,783,275.85 |
|
Other Expenses |
- |
48,916.49 |
|
Total Expenses |
3,712,292,653.66 |
4,142,185,296.96 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
206,977,453.69 |
239,776,692.04 |
|
Interest Expenses |
[104,826,406.46] |
[116,419,301.26] |
|
Income Tax |
[32,739,135.85] |
[40,786,682.00] |
|
|
|
|
|
Net Profit / [Loss] |
69,411,911.38 |
82,570,708.78 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[9.18] |
|
|
Operating Profit |
[4.97] |
|
|
Net Profit |
[15.94] |
|
|
Fixed Assets |
[3.54] |
|
|
Total Assets |
[4.56] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
85.22 |
87.27 |
|
Operating Profit Margin |
5.32 |
5.60 |
|
S & A
Expenses |
10.28 |
9.50 |
|
Interest Paid |
2.70 |
2.72 |
|
Other Revenues |
0.83 |
2.38 |
|
Net Profit Margin |
1.79 |
1.93 |
|
Earning Per Shares |
694.12 |
1,651.41 |
|
No. of Shares |
100,000 |
50,000 |
Net Sales was
decreased by 9.18%,
Operating Profit was
decreased by 4.97%,
Net Profit was
decreased by 15.94%,
Fixed Assets was
decreased by 3.54%,
Total Assets was
decreased by 4.56%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 87.27%
to 85.22%, Operating
Profit Margin was decreased from
5.60% to 5.32%,
S & A
Expenses was increased
from 9.50% to
10.28%, Interest Paid was
decreased from 2.72%
to 2.70%, Other
Revenues was decreased
from 2.38% to
0.83%, Net Profit
Margin was decreased
from 1.93% to
1.79%.
Earning Per Shares
was decreased from
1,651.41 baht per
share to 694.12
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.13 |
1.09 |
|
Quick-Assets Ratio |
0.52 |
0.50 |
Current Ratio was
increased from 1.09
to 1.13, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.50 to 0.52,
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 |
2.45 |
2.90 |
|
Times Interest Earned |
1.97 |
2.06 |
D/E Ratio was decreased from
2.90 to 2.45,
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
2.06 to 1.97,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
12.14 |
12.89 |
|
Total Assets Turnover |
1.19 |
1.25 |
|
Return on Assets |
2.12 |
2.41 |
|
Return on Equity |
7.31 |
9.38 |
|
Day's Payable |
47.80 |
36.68 |
|
Day’s Inventories |
126.61 |
122.13 |
|
Day’s Receivables |
109.69 |
102.75 |
Fixed Assets Turnover
was decreased from
12.89 times to
12.14 times, Total
Assets Turnover was
decreased from 1.25
times to 1.19
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 2.41 to
2.12, Return on
Equity was decreased
from 9.38 to
7.31, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 37
days to 48
days, Day’s Inventories
was increased from
123 days to
127 days, and
Day’s Receivables was
increased from 103
days to 110
days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.83 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
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%)