MIRA INFORM REPORT
|
Report Date : |
8th May 2006 |
IDENTIFICATION DETAILS
|
Name : |
ARPIT DIAM
CO., LTD. |
|
|
|
|
Registered Office : |
8th Floor,
Wanglee Building, 297-Surawong Road,
Suriyawongse, Bangrak, Bangkok
10500, Thailand |
|
|
|
|
Date of Incorporation : |
January 6,
1998 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Engaged in importing and distributing of
diamond for jewelry trading and
production |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
NAME
ARPIT DIAM CO., LTD.
SUMMARY
BUSINESS ADDRESS : 8th FLOOR, WANGLEE BUILDING,
297-SURAWONG ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK 10500, THAILAND
TELEPHONE : [66]
2635-7717
FAX : [66] 2635-7718
E-MAIL ADDRESS : arpitdiam@yahoo.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1998
REGISTRATION NO. : 0105541000474 [Former: 7/2541]
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. PATEL SANJAYKUMAR
VALLABHBHAI, INDIAN MANAGING
DIRECTOR
NO. OF STAFF : 8
LINES OF BUSINESS : DIAMOND IMPORTER AND DISTRIBUTOR
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 January 6, 1998 as a private limited company by Thai and Indian groups, under the name style ARPIT DIAM CO., LTD., in order to import and distribute diamond to domestic market. It currently employs 8 staff.
The subject’s registered address is 297 Surawong Rd., Suriyawongse, Bangrak, Bangkok 10500, and this is the subject’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Patel Sureshkumar Vallabhbhai |
|
Indian |
30 |
|
Mr. Nilesh Pravinchandra Patel |
|
Indian |
37 |
|
Mr. Patel Sanjaykumar Vallabhbhai |
|
Indian |
29 |
AUTHORIZED PERSON
One of the above directors can sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Patel Sanjaykumar Vallabhbhai is the Managing Director.
He is Indian nationality with the age of 29 years old.
BUSINESS OPERATIONS
The subject is engaged in importing and distributing of diamond for jewelry trading and production.
IMPORT
100% of the products is imported from India and Hong Kong.
SALES
100% of the products is sold locally to traders and manufacturers.
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 according to IRICO’S DATABASE for the past two years.
CREDIT
Sales are by cash or on the credits term of 30-60 days.
Imports are by L/C at sight or T/T.
BANKING
Bangkok Bank Public Co., Ltd.
EMPLOYMENT
The subject employs 8 staff.
LOCATION DETAILS
The premise is rented for administrative office at the heading address. Premise is located in a prime commercial area.
COMMENT
The subject is doing normal business and its business trend is likely stagnant.
FINANCIAL INFORMATION
The capital was registered at Bht. 4,000,000 divided into 40,000 shares of Bht. 100 each with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 25, 2005]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Patel Sureshkumar Vallabhbhai Nationality: Indian Address : 297 Surawong Rd., Suriyawongse, Bangrak, Bangkok |
10,000 |
25.00 |
|
Mr. Patel Sanjaykumar Vallabhbhai Nationality: Indian Address : 297 Surawong Rd., Suriyawongse, Bangrak, Bangkok |
9,600 |
24.00 |
|
Ms. Yameela E-yong Nationality: Thai Address : 151 Moo 5, Kalisha, Rangae, Narathiwas |
4,400 |
11.00 |
|
Ms. Kusuma Somwang Nationality: Thai Address : 341/34 Charansanitwong Rd., Bangkhunsri, Bangkoknoi, Bangkok |
4,000 |
10.00 |
|
Ms. Wanphen Kongkaew Nationality: Thai Address : 67 Krungkasem rd., Klongmahanak, Pomprab, Bangkok |
4,000 |
10.00 |
|
Mr. Anant E-yong Nationality: Thai Address : 152 Kalisha, Rangae, Narathiwas |
4,000 |
10.00 |
|
Mr. Ilyas Hayaarwae Nationality: Thai Address : 1 Moo 1, Waeng, Narathiwas |
4,000 |
10.00 |
Total Shareholders : 7
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Jate Suphapatranam No. 1382
BALANCE SHEET [BAHT]
The latest financial figures published as at December 31, 2004 & 2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
|
|
|
|
|
Cash in hand & at Bank [note 1] |
53,355.11 |
374,164.84 |
|
Trade Accts. Receivable |
2,353,673.31 |
1,318,066.30 |
|
Inventories |
2,736,478.50 |
3,476,300.05 |
|
Prepaid Expenses |
- |
2,803.74 |
|
Revenue Department Receivable |
180,763.49 |
238,860.11 |
|
|
|
|
|
Total Current Assets |
5,324,270.41 |
5,410,195.04 |
|
Fixed Assets |
326,196.76 |
546,704.52 |
|
Prepaid Income Tax |
7,800.00 |
7,800.00 |
|
Guarantee & Deposit |
74,480.00 |
74,480.00 |
|
Total Assets |
5,732,747.17 |
6,039,179.56 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
|
Trade Accts. Payable |
876,660.22 |
4,902,986.52 |
|
Other Current Liabilities [note 2] |
64,659.72 |
67,633.99 |
|
|
|
|
|
Total Current Liabilities |
941,319.94 |
4,970,620.51 |
|
Loan from Director |
4,105,000.00 |
5,000.00 |
|
Total Liabilities |
5,046,319.94 |
4,975,620.51 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value authorized, issued and fully paid share capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Unappropriated [Deficit] |
[3,313,572.77] |
[2,936,440.95] |
|
Total Shareholders' Equity |
686,427.23 |
1,063,559.05 |
|
Total Liabilities
& Shareholders' Equity |
5,732,747.17 |
6,039,179.56 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
|
Sales |
6,686,132.70 |
6,541,335.53 |
|
Gain on Exchange Rate |
- |
480,269.07 |
|
Total Revenues |
6,686,132.70 |
7,021,604.60 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods Sold |
5,749,873.85 |
5,865,112.30 |
|
Selling & Administrative Expenses |
1,296,551.83 |
1,432,765.13 |
|
Total Expenses |
7,046,425.68 |
7,297,877.43 |
|
|
|
|
|
Profit / [Loss] before Income Tax |
[360,292.98] |
[276,272.83] |
|
Income Tax |
[16,838.84] |
[24,537.58] |
|
|
|
|
|
Net Profit / [Loss] |
[377,131.82] |
[300,810.41] |
|
Retained Earning [Deficit], beginning of year |
[2,936,440.95] |
[2,635,630.54] |
|
Retained Earning [Deficit], end of year |
[3,313,572.77] |
[2,936,440.95] |
FINANCIAL NOTE
NOTE 1 Cash
in Hand & at Bank
|
|
2004 |
|
|
|
|
Cash in hand |
26,314.23 |
|
Cash at bank |
27,04.88 |
|
Total |
53,355.11 |
NOTE 2
Other Current Liabilities
|
|
2004 |
|
|
|
|
Payable-Revenue Department |
45,564.41 |
|
Accrued Withholding Income Tax |
2,456.47 |
|
Accrued Income Tax |
7,138.84 |
|
Accrued Expenses |
8,000.00 |
|
Accrued Social Securities |
1,500.00 |
|
Total |
64,659.72 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2004 |
2003 |
|
Sales |
2.21 |
|
|
Operating |
[1.17] |
|
|
Net Profit |
[25.37] |
|
|
Fixed Assets |
[40.33] |
|
|
Total Assets |
[5.07] |
|
|
Profitability |
|
|
|
Cost of Goods Sold |
86.00 |
89.66 |
|
Operating Profit Margin |
14.00 |
10.34 |
|
S&A expenses |
19.39 |
21.90 |
|
Other Revenues |
0.00 |
7.34 |
|
Net Profit Margin |
[5.64] |
[4.60] |
|
Earning Per Shares |
[9.43] |
[7.52] |
|
No. of Shares |
40,000 |
40,000 |
Net Sales was
increased by 2.21%,
Operating Profit was
decreased by 1.17%,
Net Profit was
decreased by 25.37%,
Fixed Assets was
decreased by 40.33%,
Total Assets was
decreased by 5.07%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
89.66% to 86.00%,
Operating Profit Margin
was increased from
10.34% to 14.00%,
S & A
Expenses were decreased
from 21.90% to 19.39%, Other
Revenues was decreased
from 7.34% to
0.00%, Net Profit
Margin was decreased
from -4.60% to
-5.64%.
Earning Per Shares was decreased from -7.52 baht per share to -9.43 baht per share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
5.66 |
1.09 |
|
Quick - assets ratio |
2.56 |
0.34 |
Current Ratio was increased from 1.09 to 5.66, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was increased from 0.34 to 2.56, capacity to pay Short Term Loan was good too, because Current Assets without Inventory can cover Current Liabilities.
Leverage
|
Leverage |
2004 |
2003 |
|
D/E Ratio |
7.35 |
4.68 |
D/E Ratio was
increased from 4.68
to 7.35, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2004 |
2003 |
|
Fixed Assets Turnover |
20.50 |
11.97 |
|
Total Assets Turnover |
1.17 |
1.08 |
|
Return on Assets |
[6.58] |
[4.98] |
|
Return on Equity |
[54.94] |
[28.28] |
|
Day’s Payable |
55.65 |
305.12 |
|
Day’s Inventories |
173.71 |
216.34 |
|
Days’ Receivables |
128.49 |
73.55 |
Fixed Assets Turnover
was increased from
11.97 times to
20.50 times, Total
Assets Turnover was
increased from 1.08
times to 1.17
times, show the
company could use
Assets so efficiently, and Return on
Assets was decreased
from -4.98 to
-6.58, Return on
Equity was decreased
from -28.28 to
-54.94, capacity to
use Assets to
make profit was
not good.
Day’s Payable was decreased from 306 days to 56 days, and Day’s Inventories was decreased from 217 days to 174 days, while Day’s Receivables was increased from 74 days to 129 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 |