MIRA INFORM REPORT
|
Report
Date : |
31st
May 2006 |
IDENTIFICATION DETAILS
|
Name
: |
PRITI GEMS
CO., LTD. |
|
|
|
|
Registered
Office : |
Suite 3110,
31st Floor,
Jewelery Trade Center, 919/395
Silom Road, Silom, Bangrak, Bangkok 10500, Thailand |
|
|
|
|
Date
of Incorporation : |
1990 |
|
|
|
|
Com.
Reg. No.: |
5445/
2533 |
|
|
|
|
Legal
Form : |
Private Limited
Company |
|
|
|
|
Line
of Business : |
Engaged
in importing and distributing of diamonds and
gemstones, as well
as exporting of
Thai cutting diamonds. |
RATING
& COMMENTS
|
MIRA’s
Rating : |
Ba |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status
: |
Satisfactory
|
|
|
|
|
Payment
Behaviour : |
Regular
|
|
|
|
|
Litigation
: |
Clear |
NAME
PRITI GEMS
CO., LTD.
SUMMARY
|
BUSINESS ADDRESS |
SUITE
3110, 31st
FLOOR, JEWELERY TRADE CENTER, 919/395 SILOM ROAD,
SILOM, BANGRAK, BANGKOK 10500 |
|
TELEPHONE |
[66]
2630-0048-9 |
|
FAX |
[66]
2630-0047 |
|
E-MAIL ADRESS |
pritigem@samart.co.th |
|
REGISTRATION ADDRESS |
SAME
AS BUSINESS ADDRESS |
|
|
|
|
ESTABLISHED |
1990 |
|
REGISTRATION NO. |
5445/ 2533 |
|
CAPITAL
REGISTERED |
BHT.
12,000,000 |
|
CAPITAL PAID-UP |
BHT.
12,000,000 |
|
FISCAL YEAR
CLOSING DATE |
DECEMBER
31 |
|
LEGAL STATUS |
PRIVATE
LIMITED COMPANY |
|
EXECUTIVE |
MR. DEVEN
HARSHAD KUMAR DOSHI, INDIAN |
|
|
MANAGING
DIRECTOR |
|
|
|
|
NO. OF
STAFF |
4 |
|
LINES OF
BUSINESS |
DIAMONDS
AND GEMSTONE TRADING
|
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 May 15,
1990 as a
private limited company under the name style
PRITI GEMS CO.,
LTD., by Thai
and Indian groups,
to engage in
jewelry trading business.
It currently employs
4 staff.
The
subject’s registered address
is 919/395 Jewelery
Trade Center, Silom
Rd., Silom, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr.
Deven Harshad Kumar
Doshi |
|
Indian |
48 |
|
Mr.
Shar Ritesh Giritral |
|
Indian |
32 |
|
Mr.
Jay Harshad Kumar Doshi |
|
Indian |
39 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Deven
Harshad Kumar Doshi
is the Managing Director.
He is
Indian nationality with
the age of
48 years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing of diamonds and
gemstones, as well
as exporting of
Thai cutting diamonds.
PURCHASE
Thai cutting
diamonds are purchased
from local supplier.
IMPORT
Diamonds
and gemstones are
imported from India,
Japan and Hong
Kong.
MAJOR SUPPLIER
Sejal
Gems Pvt. Ltd. : India
SALES
The import
products are sold
locally to wholesalers
and jewelry manufacturers.
EXPORT
Thai
diamonds are exported to India.
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 L/C at
sight.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Head
Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok]
EMPLOYMENT
The
subject employs 4
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a prime
commercial area.
COMMENT
Most of
Thai manufacturers in the jewelry
industry are original equipment manufacturers (OEM) which supply products to
international buyers. Consequently, Thai jewelry producers were encouraged by
the government to improve of their products in term of brand, design, quality and technology processing,
including cutting diamond.
The subject’s products currently play a significant role in supplying advance
and technology of cutting diamond
from Thai manufacture.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
4,000,000 divided into
40,000 shares of
Bht. 100 each.
On
October 17, 1996,
the capital was
increased to Bht. 12,000,000 divided into 120,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2005]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Deven
Harshad Kumar Doshi Nationality: Indian Address :
62 Tardiw Rd.,
Bombay, India |
58,800 |
49.00 |
|
Mrs. Ratri Samanavanich Nationality: Thai Address :
84 Phyathai Rd.,
Thungphyathai, Phyathai, Bangkok |
13,200 |
11.00 |
|
Ms. Rawadee A. Esari Nationality: Thai Address :
229/25 Petchburi Rd.,
Thungphyathai, Phyathai, Bangkok |
9,600 |
8.00 |
|
Mrs. Cholrudee Chantadul Nationality: Thai Address :
229/25 Petchburi Rd.,
Thungphyathai, Phyathai,
Bangkok |
9,600 |
8.00 |
|
Mr. Boonlert Phuprakorn Nationality: Thai Address :
433/12 Petchburi Rd.,
Thungphyathai, Phyathai,
Bangkok |
9,600 |
8.00 |
|
Ms. Anthana Boonmalert Nationality: Thai Address :
30/1 Moo 5, Yothaka,
Bangnampriew, Chachoengsao |
9,600 |
8.00 |
|
Mrs. Sumalee Langsanti Nationality: Thai Address :
283 Asoke - Dindaeng Rd.,
Samsennai, Phyathai,
Bangkok |
9,600 |
8.00 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Thanawat
Ek-aranpong No.
5465
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2004 &
2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
|
|
|
|
|
Cash in
Hand & at Bank |
1,989,806.82 |
6,129,660.70 |
|
Trade
Accts. & Notes Receivable |
53,066,375.52 |
102,720,103.70 |
|
Inventories |
64,406,545.98 |
76,494,431.07 |
|
Other Current
Assets |
77,848.70 |
94,153.44 |
|
Total
Current Assets |
119,540,577.02 |
185,438,348.91 |
|
|
|
|
|
Fixed Assets [note 1] |
1,155,765.06 |
552,262.20 |
|
Other Assets |
10,000.00 |
16,900.00 |
|
Total
Assets |
120,706,342.08 |
186,007,511.11 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
|
Trade Accts. Payable |
100,233,339.25 |
153,625,883.16 |
|
Short Term
Loan from Person & Related Company |
7,959,597.50 |
17,650,000.00 |
|
Accrued Income
Tax |
435,580.06 |
1,077,390.67 |
|
Other Current
Liabilities |
230,249.93 |
3,823,397.79 |
|
Total Current Liabilities |
108,858,766.74 |
176,176,671.62 |
|
Total
Liabilities |
108,858,766.74 |
176,176,671.62 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 120,000
shares |
12,000,000.00 |
12,000,000.00 |
|
Capital Paid |
12,000,000.00 |
12,000,000.00 |
|
Retained Earning - Unappropriated |
[152,424.66] |
[2,169,160.51] |
|
Total Shareholders' Equity |
11,847,575.34 |
9,830,839.49 |
|
Total Liabilities &
Shareholders' Equity |
120,706,342.08 |
186,007,511.11 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
|
Sales |
219,129,777.78 |
242,345,143.80 |
|
Other Income |
1,988,038.09 |
9,360,391.49 |
|
Total
Revenues |
221,117,815.87 |
251,705,535.29 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
211,854,961.12 |
240,615,989.67 |
|
Selling &
Administrative Expenses |
6,285,538.84 |
5,592,706.37 |
|
Total Expenses
|
218,140,499.96 |
246,208,696.04 |
|
Profit
/ [Loss] from Operation |
2,977,315.91 |
5,496,839.25 |
|
Interest Expenses |
- |
[749,017.01] |
|
Income Tax |
[960,580.06] |
[1,467,390.67] |
|
Net
Profit / [Loss] |
2,016,735.85 |
3,280,431.57 |
FINANCIAL NOTE
NOTE
1 Fixed Assets
|
|
2003 |
2002 |
|
|
|
|
|
Office Automation |
1,071,256.64 |
1,015,817.39 |
|
Office Furniture |
169,568.37 |
169,568.37 |
|
Vehicle
|
1,422,990.65 |
642,990.65 |
|
Total |
2,663,815.66 |
1,828,376.41 |
|
Less:
Depreciation |
[1,508,050.60] |
[1,276,114.21] |
|
Total |
1,155,765.06 |
552,262.20 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2004 |
2003 |
|
Sales |
[9.58] |
|
|
Operating |
[5.47] |
|
|
Net Profit |
[38.52] |
|
|
Fixed Assets |
109.28 |
|
|
Total Assets |
[35.11] |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
96.68 |
99.29 |
|
Operating Profit
Margin |
3.32 |
0.71 |
|
S&A expenses |
2.87 |
2.31 |
|
Other Revenues |
[3.66] |
3.86 |
|
Net Profit
Margin |
0.92 |
1.35 |
|
Earning Per
Shares |
16.81 |
27.34 |
|
No. of
Shares |
120,000 |
120,000 |
Net
Sales was decreased
by 9.58%, Operating
Profit was decreased
by 5.47%, Net
Profit was decreased
by 38.52%, Fixed
Assets was increased
by 109.28%, Total
Assets was decreased
by 35.11%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
99.29% to 96.68%,
Operating Profit Margin
was increased from
0.71% to 3.32%,
S & A
Expenses were increased
from 2.31% to
2.87%, Other Revenues
was decreased from
3.86% to -3.66%,
Net Profit Margin
was decreased from
1.35% to 0.92%.
Earning Per
Shares was decreased
from 27.34 baht
per share to
16.81 baht per
share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
1.10 |
1.05 |
|
Quick
- assets ratio |
0.51 |
0.62 |
Current Ratio
was increased from
1.05 to 1.10,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
0.62 to 0.51,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2004 |
2003 |
|
D/E Ratio |
9.19 |
17.92 |
D/E Ratio was
decreased from 17.92
to 9.19, 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 |
189.60 |
438.82 |
|
Total Assets
Turnover |
1.82 |
1.30 |
|
Return on
Assets |
1.67 |
1.76 |
|
Return on
Equity |
17.02 |
33.37 |
|
Day’s Payable |
172.69 |
233.04 |
|
Day’s Inventories |
110.96 |
116.04 |
|
Days’ Receivables |
88.39 |
154.71 |
Fixed
Assets Turnover was
decreased from 438.82
times to 189.60
times, Total Assets
Turnover was increased
from 1.30 times
to 1.82 times,
show the company
could use Assets
so efficiently, and
Return on Assets
was decreased from
1.76 to 1.67,
Return on Equity
was decreased from
33.37 to 17.02,
capacity to use
Assets to make
profit was not
good.
Day’s Payable
was decreased from
234 days to
173 days, Day’s
Inventories was decreased
from 117 days
to 111 days, and Day’s
Receivables was decreased
from 155 days
to 89 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 |