MIRA
INFORM REPORT
|
Report Date : |
06.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
DELORA CO., LTD. |
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Registered Office : |
47/14 Moo 4,
Gemopolis Industrial Estate, Sukhapibal 2
Road, Dokmai, Praves, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1993 |
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Reg. No.: |
0105536009761 [Former : 805/2536] |
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Legal Form : |
PRIVATE LIMITED COMPANY |
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Line of Business : |
Manufacturer and Exporter of Precious Jewelry
Products |
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No. of Employees : |
70 |
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 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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|
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
|
Source : CIA |
Company Name
DELORA CO., LTD.
SUMMARY
BUSINESS ADDRESS : 47/14 MOO 4,
GEMOPOLIS INDUSTRIAL ESTATE,
SUKHAPIBAL 2
ROAD, DOKMAI,
PRAVES,
TELEPHONE : [66] 2727-0277-9
FAX : [66] 2727-0276
E-MAIL ADDRESS : delora@loxinfo.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1993
REGISTRATION NO. : 0105536009761 [Former :
805/2536]
TAX ID NO. : 3011224199
CAPITAL REGISTERED : BHT.
23,275,000
CAPITAL PAID-UP : BHT.
23,275,000
SHAREHOLDER’S PROPORTION : THAI
: 51.00%
FOREIGN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MARKUS FRANZ
HUBER, SWISS
MANAGING DIRECTOR
NO. OF STAFF : 70
LINES OF BUSINESS : PRECIOUS JEWELRY
PRODUCTS
MANUFACTURER AND
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
established on January
28, 1993 as
a private limited
company under the
name style DELORA CO., LTD., by
Thai and
foreign groups, in order
to manufacture wide
range of precious jewelry
products for export
markets. It currently employs
approximately 70 staff.
The subject’s registered
address is 47/14
Moo 4, Gemopolis
Industrial Estate, Sukhapibal
2 Rd., Dokmai,
Praves, Bangkok 10250,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
|
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|
Mr. Markus Franz Huber |
|
Swiss |
67 |
|
Mr. Joo Toolcharoen |
|
Thai |
- |
|
Mr. Peter Hermann Otto
Rost |
|
German |
63 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Markus Franz Huber
is the Managing
Director.
He is Swiss
nationality with the
age of 67
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and exporting wide
range of precious
jewelry products by
customers’ orders and
brands.
IMPORT
Some of raw
materials such as
diamond, gold, silver,
platinum and others
are imported from
Pakistan, Russia, Africa,
Republic of China
and India.
EXPORT
100% of the products
is exported to Switzerland, Germany, Italy,
Russia, United Kingdom,
France, Taiwan, Singapore,
Korea, Hong Kong,
Japan, U.S.A., and
many countries in
Africa and Middle
East regions.
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 to IRICO’S
DATABASE 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
Bangkok Bank Public
Co., Ltd.
[Head Office :
Kasikornbank Public Co.,
Ltd.
[Head Office :
Citibank, NA
[
EMPLOYMENT
The subject employs
approximately 70 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
rented for administrative office and
factory at the
heading address. Premise
is located in
industrial area.
COMMENT
The
subject is engaged
in manufacturing and
exporting wide range
of precious jewelry
products by customers’
orders and brands.
With sophisticated technology and highly
skilled workers, the
products are well
accepted by it
customers worldwide. Its
business is growing
considerably in line
with the improvement
of overseas jewelry
industry.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 9,500,000 divided
into 95,000 shares
of Bht. 100
each.
On June 23,
1997, the capital
was increased to
Bht. 23,275,000 divided
into 232,750 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Joo Toolcharoen Nationality: Thai Address : Yannawa, |
89,608 |
38.50 |
|
Mr. Fridrich Stahw Nationality: German Address : |
55,860 |
24.00 |
|
Mr. Markus Franz Huber Nationality: Swiss Address :
Sathorn, |
34,912 |
15.00 |
|
Mrs. Mayuree Chantrakulsiri Nationality: Thai Address : |
29,093 |
12.50 |
|
Mr. Peter Hermann Otto
Rost Nationality: German Address : |
23,275 |
10.00 |
|
Mrs. Sopa Lohachitranont Nationality: Thai Address : |
1 |
- |
|
Ms. Danaya Rojananont Nationality: Thai Address : Samutsongkram |
1 |
- |
Total Shareholders : 7
Share Structure
[as at April
30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
118,703 |
51.00 |
|
Foreign |
3 |
114,047 |
49.00 |
|
Total |
7 |
232,750 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms. Pabhawin Leelamaenthep No.
3656
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
24,123,312 |
23,908,274 |
|
Trade Accounts & Other Receivable |
|
|
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Trade Accounts
Receivable |
13,407,096 |
9,646,222 |
|
Other Receivable |
1,085,247 |
1,169,268 |
|
Inventories |
32,642,294 |
24,663,309 |
|
|
|
|
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Total Current Assets
|
71,257,949 |
59,387,073 |
|
|
|
|
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Fixed Assets |
3,988,662 |
3,269,210 |
|
Other Non-current Assets |
495,888 |
495,888 |
|
Total Assets |
75,742,499 |
63,152,171 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
|
|
|
Trade Accounts
Payable |
10,365,569 |
9,359,143 |
|
Other Payable |
2,512,397 |
2,236,390 |
|
Accrued Income Tax |
1,219,772 |
- |
|
Current Portion of Financial
Lease Contract Payable |
294,514 |
259,049 |
|
|
|
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Total Current Liabilities |
14,392,252 |
11,854,582 |
|
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Financial Lease Contract
Payable, Net of Current Portion |
- |
294,513 |
|
Total Liabilities |
14,392,252 |
12,149,095 |
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Shareholders' Equity |
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Share capital : Baht 100
value authorized, issued
and fully paid share
capital 232,750 shares |
23,275,000 |
23,275,000 |
|
|
|
|
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Capital Paid |
23,275,000 |
23,275,000 |
|
Retained Earning - Unappropriated |
38,075,247 |
27,728,076 |
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Total Shareholders' Equity |
61,350,247 |
51,003,076 |
|
Total Liabilities & Shareholders' Equity |
75,742,499 |
63,152,171 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
107,386,056 |
88,708,073 |
|
Services Income |
683,892 |
222,880 |
|
Other Income |
2,487,344 |
12,418,461 |
|
Total Revenues |
110,557,292 |
101,349,415 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
80,413,727 |
74,289,389 |
|
Selling Expenses |
4,281,921 |
3,560,872 |
|
Administrative Expenses |
14,063,341 |
33,964,137 |
|
Total Expenses |
98,758,989 |
111,814,398 |
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
11,798,303 |
[10,464,983] |
|
Financial Costs |
[217,192] |
[31,951] |
|
Income Tax |
[1,233,940] |
- |
|
Net Profit / [Loss] |
10,347,171 |
[10,496,934] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
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LIQUIDITY RATIO |
|
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CURRENT RATIO |
TIMES |
4.95 |
5.01 |
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QUICK RATIO |
TIMES |
2.68 |
2.93 |
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ACTIVITY RATIO |
|
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|
FIXED ASSETS TURNOVER |
TIMES |
27.09 |
27.20 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.43 |
1.41 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
148.16 |
121.18 |
|
INVENTORY TURNOVER |
TIMES |
2.46 |
3.01 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
45.28 |
39.59 |
|
RECEIVABLES TURNOVER |
TIMES |
8.06 |
9.22 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
47.05 |
45.98 |
|
CASH CONVERSION CYCLE |
DAYS |
146.40 |
114.78 |
|
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PROFITABILITY RATIO |
|
|
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|
COST OF GOODS SOLD |
% |
74.41 |
83.54 |
|
SELLING & ADMINISTRATION |
% |
16.98 |
42.20 |
|
INTEREST |
% |
0.20 |
0.04 |
|
GROSS PROFIT MARGIN |
% |
27.89 |
30.43 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.92 |
(11.77) |
|
NET PROFIT MARGIN |
% |
9.57 |
(11.80) |
|
RETURN ON EQUITY |
% |
16.87 |
(20.58) |
|
RETURN ON ASSET |
% |
13.66 |
(16.62) |
|
EARNING PER SHARE |
BAHT |
44.46 |
(45.10) |
|
|
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LEVERAGE RATIO |
|
|
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DEBT RATIO |
TIMES |
0.19 |
0.19 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.23 |
0.24 |
|
TIME INTEREST EARNED |
TIMES |
54.32 |
(327.53) |
|
|
|
|
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|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
21.52 |
|
|
OPERATING PROFIT |
% |
(212.74) |
|
|
NET PROFIT |
% |
198.57 |
|
|
FIXED ASSETS |
% |
22.01 |
|
|
TOTAL ASSETS |
% |
19.94 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
27.89 |
Impressive |
Industrial Average |
15.83 |
|
Net Profit Margin |
9.57 |
Impressive |
Industrial Average |
0.22 |
|
Return on Assets |
13.66 |
Impressive |
Industrial Average |
0.24 |
|
Return on Equity |
16.87 |
Impressive |
Industrial Average |
0.39 |
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. Gross Profit Margin is 27.89%. 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. Net Profit Margin ratio is 9.57%,
higher figure when compared with those
of its average competitors in the same industry, indicated that business was an
efficient operator in a dominant position within its industry.
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. Return on Assets ratio is
13.66%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
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. Return on Equity ratio
is 16.87%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a
dominant position within its industry.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
4.95 |
Impressive |
Industrial Average |
1.69 |
|
Quick Ratio |
2.68 |
|
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Cash Conversion Cycle |
146.40 |
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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 4.95 times in 2011, decrease from 5.01 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 2.68 times in 2011,
decrease from 2.93 times, although excluding inventory so the company still
have good short-term financial strength.
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 147 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.19 |
Impressive |
Industrial Average |
0.56 |
|
Debt to Equity Ratio |
0.23 |
Impressive |
Industrial Average |
1.31 |
|
Times Interest Earned |
54.32 |
Impressive |
Industrial Average |
0.96 |
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 54.33 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.19 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
27.09 |
Impressive |
Industrial Average |
4.89 |
|
Total Assets Turnover |
1.43 |
Impressive |
Industrial Average |
1.36 |
|
Inventory Conversion Period |
148.16 |
|
|
|
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Inventory Turnover |
2.46 |
Impressive |
Industrial Average |
2.04 |
|
Receivables Conversion Period |
45.28 |
|
|
|
|
Receivables Turnover |
8.06 |
Impressive |
Industrial Average |
3.46 |
|
Payables Conversion Period |
47.05 |
|
|
|
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.57 |
|
|
1 |
Rs.87.90 |
|
Euro |
1 |
Rs.71.53 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.