MIRA
INFORM REPORT
|
Report Date : |
28th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
DEEP
IMPEX CO., LTD. |
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Registered Office : |
Suite
No. 110, 10th
Floor, Executive House, 410/111 Surawongse Road, Suriyawongse |
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Country : |
Thailand |
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Financials (as on) : |
31/12/2004 |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
0105542012891 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importers,
distributors and exporters
diamond and jewelry products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
Regular
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Litigation : |
Clear |
NAME
DEEP IMPEX CO., LTD.
SUMMARY
BUSINESS ADDRESS : SUITE NO. 110, 10th FLOOR,
EXECUTIVE HOUSE,
410/111 SURAWONGSE
ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66]
2267-4663, 2631-6839
FAX :
[66] 2631-6639
E-MAIL ADDRESS : deepimpex@hotmail.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO.
: 0105542012891 [Former : 199/2542]
CAPITAL REGISTERED : BHT. 8,000,000
CAPITAL PAID-UP
: BHT. 8,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SANDEIP JAIN, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 9
LINES OF
BUSINESS : DIAMOND AND
JEWELRY PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on February 24,
1999 as a
private limited company
under the name
style DEEP IMPEX
CO., LTD., by
Indian group, to engage
in jewelry trading
business. It currently
employs 9 staff.
The
subject’s registered address
is 410/110 Surawongse
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr.
Sandeip Jain |
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Indian |
38 |
|
Mr.
Ashish Jain |
|
Indian |
23 |
|
Mr.
Ajmera Aashish |
|
Indian |
27 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Sandeip
Jain is
the Managing Director.
He is
Indian nationality with
the age of
38 years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and exporting
various kinds of
diamond and jewelry
products including ruby,
sapphire, emerald, specialist
in rose cut,
old cut, fancy
shapes, fancy colour
diamond, loose diamond,
briolettes & beads,
and etc.
IMPORT
Most
of the products are imported
from India and
South Africa.
SALES
The products
are sold locally
by wholesale to
traders, manufacturers and
end-users.
EXPORT
The products
are exported to
Hong Kong, United
States of America
and European countries.
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
subject for the
past two years.
CREDIT
Sales are
by cash or
on the credits term of
30 days.
Local bills
are paid by
cash or on
the credits term
of 30 days.
Imports are
by L/C at sight or
T/T.
Exports are
against L/C at
sight or T/T.
BANKING
None.
EMPLOYMENT
The
subject employs 9
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
prime commercial area.
COMMENT
The
subject’s operating performance
is considered satisfactory with a drastic increase
in its sale revenue in
2004 comparing to
the previous year.
In general, the subject’s business has a
bright prospect.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht. 100 each.
The
capital was increased
later as following :
Bht.
4,000,000 on December
19, 2001
Bht.
20,000,000 on August
19, 2003
On
April 7, 2006,
capital was increased
to Bht. 8,000,000 divided
into 80,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at March 7,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sandeip Jain Nationality: Indian Address :
410/110 Surawongse Rd.,
Suriyawongse, Bangrak, Bangkok |
19,600 |
24.50 |
|
Ms. Supaporn Ritmontri Nationality: Thai Address :
99 Mahaesak Rd.,
Suriyawongse, Bangrak, Bangkok |
10,200 |
12.75 |
|
Mrs. Noothien Panyapradit Nationality: Thai Address :
99 Mahaesak Rd.,
Suriyawongse, Bangrak, Bangkok |
10,200 |
12.75 |
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Ms. Chinda Panhaw Nationality: Thai Address :
99 Mahaesak Rd.,
Suriyawongse, Bangrak, Bangkok |
10,200 |
12.75 |
|
Mr. Achitpol Ritmontri Nationality: Thai Address :
99 Mahaesak Rd.,
Suriyawongse, Bangrak, Bangkok |
10,200 |
12.75 |
|
Mr. Ajmera Aashish Nationality: Indian Address :
410/110 Surawongse Rd., Suriyawongse, Bangrak, Bangkok |
9,800 |
12.25 |
|
Mr. Ashish Jain Nationality: Indian Address :
410/110 Surawongse Rd., Suriyawongse, Bangrak, Bangkok |
9,800 |
12.25 |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr.
Arpakorn Tesaphan No.
5282
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2004 &
2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
|
|
|
|
|
Cash in hand &
at Bank |
11,959,880.54 |
12,664,078.68 |
|
Trade Accts.
Receivable |
5,417,863.56 |
3,126,990.67 |
|
Inventories |
3,107,857.70 |
4,037,532.93 |
|
Value Added
Tax |
358,452.15 |
356,884.01 |
|
Prepaid Income
Tax |
7,500.00 |
- |
|
Total
Current Assets |
20,851,553.95 |
20,185,486.29 |
|
Total
Assets |
20,851,553.95 |
20,185,486.29 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
|
Accrued Expenses |
15,000.00 |
15,000.00 |
|
Accrued Income
Tax |
200,013.08 |
18,142.60 |
|
Other Current
Liabilities |
15,295.00 |
15,295.00 |
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Total Current Liabilities |
230,308.08 |
48,437.60 |
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Total
Liabilities |
230,308.08 |
48,437.60 |
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|
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Shareholders' Equity |
|
|
|
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|
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 200,000
shares |
20,000,000.00 |
20,000,000.00 |
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning - Unappropriated |
621,245.87 |
137,048.69 |
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Total Shareholders' Equity |
20,621,245.87 |
20,137,048.69 |
|
Total Liabilities &
Shareholders' Equity |
20,851,553.95 |
20,185,486.29 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
|
Sales |
13,834,200.87 |
5,817,261.97 |
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Total
Revenues |
13,834,200.87 |
5,817,261.97 |
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Expenses |
|
|
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Cost of
Goods Sold |
11,225,719.70 |
4,088,982.90 |
|
Selling &
Administrative Expenses |
1,916,770.91 |
1,667,803.75 |
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Total Expenses
|
13,142,490.61 |
5,756,786.65 |
|
Profit
/ [Loss] Before Income
Tax |
691,710.26 |
60,475.32 |
|
Income Tax |
[207,513.08] |
[18,142.60] |
|
Net
Profit / [Loss] |
484,197.18 |
42,332.72 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual Growth |
2004 |
2003 |
|
Sales |
137.81 |
|
|
Operating |
3.96 |
|
|
Net Profit |
1,043.79 |
|
|
Total Assets |
3.30 |
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Profitability |
|
|
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Cost of
Goods Sold |
81.14 |
70.29 |
|
Operating Profit
Margin |
18.86 |
29.71 |
|
S&A expenses |
13.86 |
28.67 |
|
Net Profit
Margin |
3.50 |
0.73 |
|
Earning Per
Shares |
2.42 |
0.21 |
|
No. of
Shares |
200,000 |
200,000 |
Net Sales was
increased by 137.81%,
Operating Profit was
increased by 3.96%,
Net Profit was
increased by 1,043.79%,
Total Assets was
increased by 3.30%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
70.29% to 81.14%,
Operating Profit Margin
was decreased from
29.71% to 18.86%,
S & A
Expenses were decreased
from 28.67% to
13.86%, Net Profit
Margin was increased
from 0.73% to
3.50%.
Earning Per
Shares was increased
from 0.21 baht
per share to
2.42 baht per
share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
90.54 |
416.73 |
|
Quick
- assets ratio |
75.45 |
326.01 |
Current Ratio
was decreased from
416.73 to 90.54,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was so
good, and Quick-assets Ratio was decreased
from 326.01 to
75.45, capacity to
pay Short Term
Loan was so
good too, because
Current Assets without
Inventory can cover
Current Liabilities.
Leverage
|
Leverage |
2004 |
2003 |
|
D/E Ratio |
0.01 |
0.00 |
D/E Ratio
was increased from
0.00 to 0.01,
show the company
had fund from
Equity more than
fund from Loan,
investment risked of
the company is
low.
Efficiency
|
Efficiency |
2004 |
2003 |
|
Total Assets
Turnover |
0.66 |
0.29 |
|
Return on
Assets |
2.32 |
0.21 |
|
Return on
Equity |
2.35 |
0.21 |
|
Day’s Inventories |
101.05 |
360.41 |
|
Days’ Receivables |
142.94 |
196.20 |
Total Assets Turnover
was increased from
0.29 times to
0.66 times, show
the company could
use Assets so
efficiently, and Return
on Assets was
increased from 0.21
to 2.32, Return
on Equity was
increased from 0.21
to 2.35, capacity
to use Assets to make
profit was good.
Day’s Inventories
was decreased from
361 days to
102 days, and
Day’s Receivables was
decreased from 197
days to 143
days.
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/normal. |
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 |