MIRA
INFORM REPORT
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Report Date : |
23.10.2008 |
IDENTIFICATION DETAILS
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Name : |
JACOB’S JEWELRY
CO., LTD. |
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Registered Office : |
232 - 236
Mahesak Soi 2
Road, Suriyawongse, Bangrak,
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
31.07. 2000 |
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Com. Reg. No.: |
0105543071085 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter
of Diamond Jewelry |
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
JACOB’S JEWELRY
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 232 - 236
MAHESAK SOI 2
ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2635-6104-6, 2635-6440
FAX : [66]
2635-8701
E-MAIL ADDRESS : hoving@jacobjewelry.net
sales@jacobjewelry.net
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION NO.
: 0105543071085 [Former : 1081/2543]
CAPITAL REGISTERED
: BHT.
18,000,000
CAPITAL PAID-UP
: BHT.
18,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
OHANES AGOPIAN AGOB,
ARMENIAN
MANAGING DIRECTOR
NO. OF
STAFF : 100
LINES OF
BUSINESS : DIAMOND
JEWELRY
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 July
31, 2000 as
a private limited
company under the
name style JACOB’S
JEWELRY CO., LTD. by
foreign groups, in
order to manufacture
diamond jewelry products
for export markets. It
currently employs approximately
100 staff.
It was granted
a promotional privilege
from the Board
of Investment [BOI]
for jewelry production
under the promotion
certificate No. 1472/2543.
Subject is a
member of JB
Group of companies,
which the headquarter
is in India.
The subject’s registered
address is 232 - 236
Mahesak Soi 2 Rd.,
Suriyawongse, Bangrak, Bangkok
10500, and this
is the company’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
Nationality |
Age |
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Mr. Ohanes Agopian
Agob |
Armenian |
41 |
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Ohanes Agopian
Agob is the
Managing Director.
He is Armenian
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing and
exporting various designs
of diamond jewelry
products such as
necklace, bracelet, pendant,
brooch, ring, earring,
cufflinks and etc.
PURCHASE
Diamonds, gemstones and
accessories are purchased
from both local
and overseas suppliers
and agents in
United Arab Emirates,
India and Hong Kong.
MAJOR SUPPLIER
JB Diamonds Co.,
Ltd. : India
EXPORT [COUNTRY]
100% of the
products is exported
to Hong Kong, India,
Belgium, United Arab Emirates,
Republic of China,
U.S.A., Russia, Middle
East and European
Countries.
MAJOR CUSTOMERS
Jacob’s Jewellery [Dubai]
Ltd. : United
Arab Emirates
RELATED/AFFILIATED COMPANY
Sugem Int Co.,
Ltd.
Business Type: Importer
and distributor of
diamonds
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
credit terms of
30-60 days.
Imports are by
L/C at sight
and T/T on
negotiated term.
Exports are against
L/C at sight
or T/T on
negotiated term.
BUSINESS TRANSACTION
Local bills are
paid by cash
or on negotiated
term, while exports
are against L/C
at sight or
T/T. The subject
is not found
to have problem
on both accounts
receivable and accounts
payable.
BANKING
The Siam Commercial
Bank Public Co., Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 100 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for administrative office
and factory in
a 4.5 storey
building of 3
row shop houses
at the heading
address. It is
located in a prime commercial
area.
REMARK
CREDIT OF US$
500,000 D/A SHOULD
BE IN ORDER.
COMMENT
The subject offers a full spectrum of gems and jewelry from high-end
custom pieces to mass produced accessories. The subject manufactures of fine
jewelry has become increasingly contemporary leaders, both in upper-class and
middle-class consumer markets. It also
offers sophisticated designs and an elegant finish.
Slow consumption in
world market caused
by economic crisis
has resulted to
slowdown of subject’s sales revenue
for 2007 and
estimated to drop
largely in its
sales this year as well.
FINANCIAL INFORMATION
The capital was
registered at Bht.
14,000,000 divided into
140,000 shares of
Bht. 100 each.
On July 4,
2008, the capital
was increased to
Bht. 18,000,000 divided
into 180,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at
June 30, 2008]
|
NAME |
HOLDING |
% |
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Mr. Ohanes Agopian
Agob Nationality: Armenian Address : 232 - 236
Mahesak Soi 2
Rd., Suriyawongse,
Bangrak, Bangkok 10500 |
109,998 |
50.00 |
|
Mr. Veenu Vergibai
Kukadia Nationality: Indian Address : 232 - 236
Mahesak Soi 2
Rd., Suriyawongse,
Bangrak, Bangkok 10500 |
69,997 |
50.00 |
|
Mr. Watsay Derderian Nationality: Syrian Address : 232 - 236
Mahesak Soi 2
Rd., Suriyawongse,
Bangrak, Bangkok 10500 |
1 |
- |
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Mrs. Oach-channa M.
Bamakzevian Nationality: Syrian Address : 232 - 236
Mahesak Soi 2
Rd., Suriyawongse, Bangrak, Bangkok
10500 |
1 |
- |
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Mr. Agop Agopean Nationality: Syrian Address : Syria |
1 |
- |
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Mr. Blupendra Shurani Nationality: Indian Address : 57 - 59
Shatam Rd., T.S.T.,
Kaoloon, Hong Kong |
1 |
- |
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Mr. Jitendra Shurani Nationality: Indian Address : New
York, U.S.A. |
1 |
- |
Total Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Maj. Gen. Montri
Thamanart No. 1144
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
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Cash in Hand
& at Bank |
3,053,826.28 |
3,860,687.84 |
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Trade Accts. Receivable |
380,203,418.47 |
380,695,339.97 |
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Short-term Loan to
Related Person |
1,182,893.17 |
762,882.18 |
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Inventories |
294,899,876.86 |
168,478,552.51 |
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Other Current Assets
|
782,809.68 |
887,492.95 |
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Total Current Assets
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680,122,824.46 |
554,684,955.45 |
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Office Automation |
1,486,177.96 |
1,540,330.96 |
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Factory Equipment |
2,010,185.11 |
4,844,390.26 |
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Vehicle |
1,716,507.69 |
1,351,487.10 |
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Total Assets |
685,335,695.22 |
562,421,163.77 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current
Liabilities |
2007 |
2006 |
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Trade Accts. Payable |
581,119,322.52 |
459,720,862.62 |
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Advance Income from
Goods |
32,204,715.67 |
32,141,337.54 |
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Accrued Expenses |
6,800,818.45 |
8,138,642.20 |
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Current Portion of
Long-term Loan |
5,566,033.00 |
4,320,000.00 |
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Other Current Liabilities |
417,805.34 |
270,293.20 |
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Total Current Liabilities |
626,108,694.98 |
504,591,135.56 |
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Other Long-term Loan |
25,136,017.97 |
25,668,273.37 |
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Total Liabilities |
651,244,712.95 |
530,259,408.93 |
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Shareholders' Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 140,000 shares |
14,000,000.00 |
14,000,000.00 |
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Capital Paid |
14,000,000.00 |
14,000,000.00 |
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Retained Earning -
Unappropriated |
20,090,982.27 |
18,161,754.84 |
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Total Shareholders' Equity |
34,090,982.27 |
32,161,754.84 |
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Total Liabilities & Shareholders' Equity |
685,335,695.22 |
562,421,163.77 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2007 |
2006 |
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Sales |
402,280,067.57 |
408,254,394.96 |
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Other Income |
- |
746,316.00 |
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Total Revenues |
402,280,067.57 |
409,000,710.96 |
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Expenses |
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Cost of Goods
Sold |
362,714,725.26 |
371,072,311.20 |
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Selling & Administrative Expenses |
30,907,353.41 |
27,734,654.15 |
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Loss on Exchange
Rate |
1,216,572.62 |
3,859,145.46 |
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Total Expenses |
394,838,651.29 |
402,666,110.81 |
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Profit / [Loss] before Interest
Expenses & Income Tax |
7,441,416.28 |
6,334,600.15 |
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Interest Expenses |
[4,375,404.09] |
[2,147,862.74] |
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Income Tax |
[1,136,784.76] |
[1,649,585.19] |
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Net Profit / [Loss] |
1,929,227.43 |
2,537,152.22 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.79 |
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UK Pound |
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.63.91 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)