MIRA
INFORM REPORT
|
Report Date : |
03.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
ABBEYCREST [THAILAND]
LIMITED |
|
|
|
|
Registered Office : |
99/29 MOO 5, T. Pasak, A. Muang, Lamphun 51000 |
|
|
|
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Country : |
Thailand |
|
|
|
|
Financials (as on) : |
28.02.2011 |
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|
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|
Date of Incorporation : |
2002 |
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|
|
|
Com. Reg. No.: |
0105545012329 |
|
|
|
|
Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Manufacturer and Exporter of Jewelry Products |
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|
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No. of Employees : |
512 |
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 |
|
Maximum Credit Limit : |
US$ 1,000,000 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
ABBEYCREST
[THAILAND] LIMITED
SUMMARY
BUSINESS
ADDRESS : 99/29
MOO 5, T. PASAK,
A. MUANG,
LAMPHUN 51000
TELEPHONE : [66] 53
537-950-3, 53 537-992-6
FAX :
[66] 53 537-954
E-MAIL
ADDRESS : sales@abbeycrestinternational.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2002
REGISTRATION
NO. : 0105545012329
TAX
ID NO. : 3030469113
CAPITAL REGISTERED : BHT. 171,383,440
CAPITAL PAID-UP : BHT.
171,383,440
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : FEBRUARY 28
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JAMES ANDREW
CROSSLEY SMITH, BRITISH
MANAGING DIRECTOR
NO.
OF STAFF : 512
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
LOW PERFORMANCE
HISTORY
The
subject was established
on January 31,
2002 as a
private limited company
under the name
style ABBEYCREST [THAILAND]
LIMITED, by British groups, and
initially was a
wholly owned subsidiary
of Abbeycrest PLC.,
U.K. Its business
objective is a manufacturing service various
kinds of jewelry
products for international
markets. It currently
employs 512 staff.
In
2012, the subject
became a joint venture company between
Yash Jewellery Pvt.
Ltd., India, and
Facility VFM Contracting
WLL, Bahrain, with
holding around 60%
and 40% of
the subject’s shares
respectively.
The
subject’s registered address
is 99/29 Moo 5,
T. Pasak, A. Munag, Lamphun
51000, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. James Andrew Crossley
Smith |
|
British |
49 |
|
Mr. Mark Stewart Robinson |
|
British |
43 |
|
Mr. Nayan Ramakant Pansare |
|
Indian |
60 |
AUTHORIZED PERSON
One of the above
directors can sign
on behalf of
the subject with company’s
affixed.
MANAGEMENT
Mr. James Andrew Crossley
Smith is the Managing
Director.
He is British
nationality with the
age of 49
years old.
Mr. Jirawat Yodsuwan is
the Factory Manager.
He is Thai
nationality.
Mr. Axelle Oerlemans Florent
is the Sales & Marketing Manager.
He is French
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing service various kinds
of diamond and gems stone
with gold and
platinum jewelry, such as locket,
earring, ring, bracelet,
necklace, chain, pendants
and etc., under
customer’s requirement.
IMPORT
Diamond,
gem and gold
are imported from
India, Japan, Belgium,
Hong Kong, South Africa
and Switzerland.
EXPORT
100% of the products
is exported to
U.K., Japan, Hong
Kong, Canada, France, Russia, Australia,
Germany, Austria, Switzerland,
Spain and United
States of America.
MAJOR CUSTOMERS
Abbeycrest PLC :
U.K [90%]
Others : [10%]
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or 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
according for the
past two years.
CREDIT
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
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 512
office staff and
factory workers.
LOCATION
DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
The premise is located
in provincial, in
the Northern region of
Thailand.
Bangkok
Office is at 12th Flr.,
Bangkok Gems & Jewelry Bldg.,
322/20-21 Surawong Rd.,
Siphya, Bangrak, Bangkok
10500. Tel. : [66]
2236-7133.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
Subject has
strong production capability
in order to serve the customers
with professional production
process. Demand has
steadily grown in the prominent
markets which has enabled the
company to maintain
its growth rate
at good level.
It is also
ranked as a top firm
of jewelry producer
in various major
markets around the world.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 39,000,000 divided
into 3,900,000 shares
of Bht. 10 each.
The
capital was increased
later as following:
Bht. 65,000,000 on
October 5, 2006
Bht. 139,000,000
on November 2,
2006
Bht. 171,383,440
on February 28,
2007
The
latest registered capital
was increased to
Bht. 171,383,440 divided into
17,138,344 shares of
Bht. 10 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at June 15,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Yash Jewellery Pvt.
Ltd. Nationality: Indian Address : Mumbai,
India |
10,281,810 |
59.99 |
|
Facility VFM Contracting
WLL Nationality: Bahrain Address : Manama,
Bahrain |
6,854,540 |
39.99 |
|
Mr. James Andrew Crossley
Smith Nationality: British Address : 28
New Rd., Wat
Phrayakrai,
Bangkorlaem, Bangkok |
1,000 |
0.01 |
|
Mr. Albert Cheasbroth Nationality: British Address : U.K. |
994 |
0.01 |
Total Shareholders : 4
Share Structure [as
at June 15,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
4 |
17,138,344 |
100.00 |
|
Total |
4 |
17,138,344 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO
Mr. Anurak Leelapiyamitr No.
3462
BALANCE SHEET [BAHT]
The
latest financial figures
published for February
28, 2011 &
2010 were:
ASSETS
[Unit : Thousand
Baht]
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
1,086 |
4,139 |
|
Trade Accounts Receivable |
67,153 |
72,176 |
|
Trade Accounts Receivable
- Person & Related Company |
28,467 |
44,508 |
|
Inventories |
178,236 |
172,585 |
|
Other Current Assets
|
22,138 |
13,395 |
|
|
|
|
|
Total Current Assets
|
297,080 |
306,803 |
|
Cash at Bank pledged as
a Collateral |
900 |
900 |
|
Trade Accounts Receivable - Person & Related Company |
125,885 |
109,842 |
|
Fixed Assets |
146,527 |
170,134 |
|
Intangible Assets |
122,059 |
140,241 |
|
Other Non current
Assets |
314 |
246 |
|
Total Assets |
692,765 |
728,166 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[Unit
: Thousand Baht]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft & Short-term Loan from from Financial Institution |
153,228 |
136,031 |
|
Trade Accounts Payable
- Bank |
55,889 |
47,253 |
|
Trade Accounts Payable
- Other Company |
48,747 |
39,306 |
|
Trade Accounts Payable
- Person & Related Company |
7,356 |
- |
|
Short-term Loan from
Person & Related Company |
14,717 |
- |
|
Other Account Payable - Person &
Related Company |
20,236 |
13,378 |
|
Accrued Expenses |
21,042 |
9,845 |
|
Other Current Liabilities |
17,129 |
18,939 |
|
|
|
|
|
Total Current Liabilities |
338,344 |
264,752 |
|
Account Payable under
Finance Lease Contract |
681 |
2,450 |
|
Total Liabilities |
339,025 |
267,202 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid
share capital 17,138,344 |
171,383 |
171,383 |
|
|
|
|
|
Capital Paid |
171,383 |
171,383 |
|
Retained Earning: Appropriated for
Statutory Reserve |
14,479 |
- |
|
Unappropriated |
167,878 |
289,581 |
|
Total Shareholders' Equity |
353,740 |
460,964 |
|
Total Liabilities & Shareholders' Equity |
692,765 |
728,166 |
PROFIT &
LOSS ACCOUNT
[Unit
: Thousand Baht]
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales & Service
Income |
942,819 |
1,097,909 |
|
Gain on Exchange
Rate |
1,601 |
5,401 |
|
Other Income |
6,853 |
7,235 |
|
Total Revenues |
951,273 |
1,110,545 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
795,869 |
898,249 |
|
Selling Expenses |
56,530 |
63,928 |
|
Administrative Expenses |
110,222 |
113,834 |
|
Total Expenses |
962,621 |
1,076,011 |
|
|
|
|
|
Profit / [Loss] before Financial Cost |
[11,348] |
34,534 |
|
Financial Cost |
[8,310] |
[7,832] |
|
|
|
|
|
Net Profit / [Loss] |
[19,658] |
26,702 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.88 |
1.16 |
|
QUICK RATIO |
TIMES |
0.29 |
0.46 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.43 |
6.45 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.36 |
1.51 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
81.74 |
70.13 |
|
INVENTORY TURNOVER |
TIMES |
4.47 |
5.20 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
26.00 |
23.99 |
|
RECEIVABLES TURNOVER |
TIMES |
14.04 |
15.21 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
22.36 |
15.97 |
|
CASH CONVERSION CYCLE |
DAYS |
85.38 |
78.15 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
84.41 |
81.81 |
|
SELLING & ADMINISTRATION |
% |
17.69 |
16.19 |
|
INTEREST |
% |
0.88 |
0.71 |
|
GROSS PROFIT MARGIN |
% |
16.48 |
19.34 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.20) |
3.15 |
|
NET PROFIT MARGIN |
% |
(2.09) |
2.43 |
|
RETURN ON EQUITY |
% |
(5.56) |
5.79 |
|
RETURN ON ASSET |
% |
(2.84) |
3.67 |
|
EARNING PER SHARE |
BAHT |
(1.15) |
1.56 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.49 |
0.37 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.96 |
0.58 |
|
TIME INTEREST EARNED |
TIMES |
(1.37) |
4.41 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(14.13) |
|
|
OPERATING PROFIT |
% |
(132.86) |
|
|
NET PROFIT |
% |
(173.62) |
|
|
FIXED ASSETS |
% |
(13.88) |
|
|
TOTAL ASSETS |
% |
(4.86) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.48 |
Impressive |
Industrial
Average |
9.66 |
|
Net Profit Margin |
(2.09) |
Deteriorated |
Industrial
Average |
(0.20) |
|
Return on Assets |
(2.84) |
Deteriorated |
Industrial
Average |
(0.27) |
|
Return on Equity |
(5.56) |
Deteriorated |
Industrial
Average |
(0.72) |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The company’s figure is 16.48%. When compared with the industry
average, the ratio of the company was higher, this indicated that company was
more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is -2.09%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is -2.84%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is -5.56%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Stable
LIQUIDITY RATIO
|
Current Ratio |
0.88 |
Risky |
Industrial
Average |
1.72 |
|
Quick Ratio |
0.29 |
|
|
|
|
Cash Conversion Cycle |
85.38 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets are
readily available to pay off its short-term liabilities. The company's figure
is 0.88 times in 2011, decreased from 1.16 times, then the company may have
problems meeting its short-term obligations. When compared with the industry
average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.29 times in 2011,
decreased from 0.46 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash is
tied up in the production and sales process of its operations and the benefit
from payment terms from its creditors. It meant the company could survive when
no cash inflow was received from sale for 86 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.49 |
Impressive |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
0.96 |
Impressive |
Industrial
Average |
1.67 |
|
Times Interest Earned |
(1.37) |
Risky |
Industrial
Average |
0.63 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is using
less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -1.37 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.49 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.43 |
Acceptable |
Industrial
Average |
10.73 |
|
Total Assets Turnover |
1.36 |
Satisfactory |
Industrial
Average |
1.47 |
|
Inventory Conversion Period |
81.74 |
|
|
|
|
Inventory Turnover |
4.47 |
Impressive |
Industrial
Average |
2.17 |
|
Receivables Conversion Period |
26.00 |
|
|
|
|
Receivables Turnover |
14.04 |
Impressive |
Industrial
Average |
3.31 |
|
Payables Conversion Period |
22.36 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.77 |
|
|
1 |
Rs.86.74 |
|
Euro |
1 |
Rs.68.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.