MIRA INFORM REPORT
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Report Date : |
4th May 2006 |
IDENTIFICATION DETAILS
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Name : |
G
S T DIAMOND & GEMS LIMITED |
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Registered Office : |
293/27
Suriwongse Road, Bangrak,
Bangkok 10500, Thailand |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
0105547085854 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Engaged
trading of diamond & 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
G S T DIAMOND & GEMS LIMITED
SUMMARY
BUSINESS ADDRESS : 293/27 SURIWONGSE ROAD,
BANGRAK, BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2267-1888-91
FAX : [66] 2266-2946
E-MAIL ADDRESS : gsndian@hotmail.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO. : 0105547085854 [FORMER :
0108654712188]
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT. 4,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. VISHI GORDHANDAS
TANWANI, INDIAN MANAGING
DIRECTOR
NO. OF STAFF : 12
LINES OF BUSINESS : DIAMONDS & JEWERLRY
PRODUCTS IMPORTER,
DISTRIBUTOR & EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR
PERFORMANCE
HISTORY
The subject was established on June 25, 2004 as a private limited company under the name style G S T DIAMOND & GEMS LIMITED by Thai and Indian group, to engage in trading of diamond & jewelry products It currently employs 12 staff.
The subject’s registered address is 293/27 Suriwongse Rd., Bangrak, Bangkok 10500, 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. Somsak Tantivathin |
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Thai |
78 |
|
Mr. Vishi Gordhandas Tanwani |
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Indian |
47 |
|
Mr. Vijay Tanwani |
|
Indian |
38 |
|
Mrs. Nant Inthakul |
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Thai |
42 |
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Mr. Gordhan Sobhraj Tanwani |
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Indian |
74 |
AUTHORIZED PERSON
Two of the above directors can jointly sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Vishi Gordhandas Tanwani is the Managing Director.
He is Indian nationality with the age of 47 years old.
Mr. Vijay Tanwani is the Executive Director.
He is Indian nationality with the age of 38 years old.
BUSINESS OPERATIONS
The subject is engaged trading of diamond & jewelry products.
PURCHASE
Its diamond are purchased from local suppliers and the rest is imported from India, Belgium & Israel.
SALES
Its products are sold locally and also exported to Indonesia and Republic of China.
REVENUE
In 2005, the subject’s revenue was increased around 10 % from the previous year.
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 30-60 days.
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 : 333 Silom Rd., Silom, Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs 12 staff.
LOCATION DETAILS
The premise is rented for administrative office at the heading address. Premise is located in prime commercial area.
COMMENT
Though the subject is in early year of establishment, its business is doing fine with net profit on the first year of its operation. It is believed that the subject’s business is promising.
FINANCIAL INFORMATION
The capital was registered at Bht. 2,000,000 divided into 20,000 shares of Bht. 100 each.
On November 4, 2004, the latest registered capital was increased to Bht. 4,000,000 divided into 40,000 shares of Bht. 100 each with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at April 27,
2005]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Somsak
Tantivathin Nationality: Thai Address : 25/13 Sukhumvit 20 Rd., Klongtoey, Bangkok |
16,400 |
41.00 |
Mr. Gordhan Sobhraj TanwaniNationality: Indian Address : 168/95 Sukhumvit 23 Rd., Klongtoey, Bangkok |
10,000 |
25.00 |
|
Mrs. Punjavishi Tanwani Nationality: Indian Address : 168/95 Sukhumvit 23 Rd., Klongtoey, Bangkok |
4,800 |
12.00 |
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Mrs. Punam
Tanwani Nationality: Indian Address : 168/95 Sukhumvit 23 Rd., Klongtoey, Bangkok |
4,400 |
11.00 |
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Mrs. Pimolwan
Ladani Nationality: Thai Address : 204/21 Soi Soonvijai 14, Bangkapi, Huaykwang, Bangkok |
2,000 |
5.00 |
Mrs. Nant InthakulNationality: Thai Address : 205/127 Pattanakarn Rd., Bangpongpang, Yanawa, Bangkok |
1,200 |
3.00 |
|
Mrs. Nujarin
Asawachusakkul Nationality: Thai Address : 19 Trok Rajpasadu, Nakornchaisri Rd., Dusit, Bangkok |
800 |
2.00 |
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Mr. Vijay
Tanwani Nationality: Indian Address : 168/95 Sukhumvit 23 Rd., Klongtoey, Bangkok |
400 |
1.00 |
Total Shareholders : 8
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Thana Prachasri No. 1517
BALANCE SHEET
[BAHT]
The latest financial figures published as at December 31, 2004 was:
ASSETS
|
Current Assets |
2004 |
|
|
|
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Cash in hand & at Bank [note 1] |
1,294,561.77 |
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Trade Accts. Receivable |
1,291,220.77 |
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Other Current Assets [note 2] |
26,225,997.73 |
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|
|
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Total Current Assets |
28,811,780.27 |
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Fixed Assets [note 3] |
89,862.47 |
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Total Assets |
28,901,642.74 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2004 |
|
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Trade Accts. & Notes Payable |
24,652,082.23 |
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Accrued Expenses |
27,672.04 |
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Revenue Department Payable |
57,488.99 |
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|
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Total Current Liabilities |
24,737,243.26 |
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Other Liabilities |
33,651.50 |
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Total Liabilities |
24,770,894.76 |
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Shareholders' Equity |
|
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Share capital : Baht 100 par value authorized, issued and fully paid share capital 40,000 shares |
4,000,000.00 |
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|
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Capital Paid |
4,000,000.00 |
|
Unappropriated |
130,747.98 |
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Total Shareholders' Equity |
4,130,747.98 |
|
Total Liabilities
& Shareholders' Equity |
28,901,642.74 |
PROFIT & LOSS ACCOUNT
|
Revenue |
June 25,
2004 - Dec. 31,
2004 |
|
|
|
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Sales |
9,133,929.04 |
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Other Income |
589,500.41 |
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Total Revenues |
9,723,429.45 |
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Expenses |
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Cost of Goods Sold |
8,967,406.60 |
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Selling & Administrative Expenses |
567,785.88 |
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Total Expenses |
9,535,192.48 |
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Profit / [Loss] before Income Tax |
188,236.97 |
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Income Tax |
[57,488.99] |
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Net Profit / [Loss] |
130,747.98 |
FINANCIAL NOTE
NOTE 1 Cash
in Hand & at Bank
|
|
2004 |
|
|
|
|
Cash in hand |
770,796.78 |
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Cash at bank |
523,764.99 |
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Total |
1,294,561.77 |
NOTE 2
Other Assets
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|
2004 |
|
|
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Deferred Value Added Tax |
2,514.17 |
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Receivable-Revenue Department |
1,725,443.35 |
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Guarantee & Deposit |
70,000.00 |
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Deferred Expenses |
40,720.71 |
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Inventories |
24,387,319.50 |
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Total |
26,225,997.73 |
NOTE 3
Fixed Assets
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|
2004 |
|
|
|
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Office Automation |
97,973.80 |
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Less: Depreciation |
[8,111.33] |
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Total |
89,862.47 |
FINANCIAL ANALYSIS
Profitability
|
Profitability |
2004 |
|
Cost of Goods Sold |
98.18 |
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Operating Profit Margin |
1.82 |
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S&A expenses |
6.22 |
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Other Revenues |
6.45 |
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Net Profit Margin |
1.43 |
|
Earning Per Shares |
3.27 |
|
No. of Shares |
40,000 |
Compare each cost
with sales, Cost
of Goods Sold
was 98.18%, Operating
Profit Margin was
1.82%, S &
A Expenses were
6.22%, Other Revenues
was 6.45%, Net
Profit Margin was
1.43%.
Earning Per Shares was 3.27 baht per share.
Liquidity
|
Liquidity |
2004 |
|
Current Ratio |
1.16 |
|
Quick - assets ratio |
0.10 |
Current Ratio was 1.16, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was 0.10, capacity to pay Short Term Loan was not good, because Current Assets without Inventory can not cover Current Liabilities.
Leverage
|
Leverage |
2004 |
|
D/E Ratio |
6.00 |
D/E Ratio was
6.00, show the
company had fund
from Loan more
than fund from
Equity, investment risked
of the company is high.
Efficiency
|
Efficiency |
2004 |
|
Total Assets Turnover |
0.32 |
|
Return on Assets |
0.45 |
|
Return on Equity |
3.17 |
|
Day’s Payable |
1,003.41 |
|
Days’ Receivables |
51.60 |
Total Assets Turnover
was 0.32 times,
show the company
could use Assets
so efficiently, and
Return on Assets
was 0.45, Return
on Equity was
3.17, capacity to
use Assets to
make profit was
good.
Day’s Payable was 1,004 days, and Day’s Receivables was 52 days.
RATING EXPLANATIONS
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 |
|
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 |