MIRA
INFORM REPORT
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Report Date : |
13th
November, 2006 |
IDENTIFICATION DETAILS
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Name : |
REAL
THAI GEMS LIMITED |
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Registered Office : |
31/3
Trok Vaiti, Silom
Road, Silom, Bangrak, Bangkok
10500, |
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Country : |
Thailand |
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Financials (as on) : |
December 31,
2004 |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
0105529019748 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importers,
distributors and exporters diamond and
gemstones |
RATING & COMMENTS
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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
REAL THAI
GEMS LIMITED
SUMMARY
BUSINESS ADDRESS : 31/3
TROK VAITI, SILOM
ROAD, SILOM,
BANGRAK,
BANGKOK 10500,
TELEPHONE : [66] 2234-2468,
2238-3188, 2238-3351
FAX :
[66] 2236-2650
E-MAIL ADDRESS : realthai@ksc.th.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED :
1986
REGISTRATION NO. : 0105529019748 [Former: 1974/2529]
CAPITAL REGISTERED : BHT. 11,000,000
CAPITAL PAID-UP : BHT. 11,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. DINESH
AGRAWAL, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 8
LINES OF
BUSINESS : DIAMOND
AND GEMSTONES
IMPORTER, DISTRIBUTOR AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject
was established on
June 11, 1986
as a private limited company
under the name
style REAL THAI
GEMS LIMITED by
Thai and Indian
groups, in order
to distribute diamond and
gemstones to both
domestic and overseas
markets. It currently
employs 8 staff.
The
subject’s registered address
is 31/3 Trok
Vaiti, Silom Road,
Silom, Bangrak, Bangkok
10500, and this
is the company’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
Nationality
|
Age
|
|
|
|
|
Mr. Dinesh
Agrawal
|
Indian |
42 |
|
Mr. Asoke
Kumar Gupta |
Indian |
39 |
AUTHORIZED PERSON
One of the
above directors signs
on behalf of
the subject with
the company’s affixed.
MANAGEMENT
Mr.
Dinesh Agrawal
is the Managing Director.
He is
Indian nationality with
the age of
42 years old.
Mr.
Asoke Kumar Gupta
is the Co-Managing Director.
He is
Indian nationality with
the age of
39 years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing, distributing and
exporting of diamonds
and gemstones for
jewelry productions.
PURCHASE
The products
are purchased from
both local and
overseas suppliers in
India and Republic
of China.
MAJOR SUPPLIERS
Gupta Jewel
Corporation : India
Thai Fine
Gems & Jewelry
Ltd. : Thailand
SALES [LOCAL]
The products
are sold locally
to jewelry manufacturers.
REVENUE
In 2005,
the subject’s sales revenue
was increased around
10% from previous
year.
EXPORT [COUNTRIES]
The subject
also exports Thai
gemstones to United
States of America,
Indonesia, Hong Kong ,
Taiwan and European
countries.
MAJOR CUSTOMER
GRK Gems
Inc. : United
States of America
SUBSIDIARIES &
AFFILIATED COMPANY
The subject
is not found to have
subsidiaries 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 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.
Exports are
against L/C at
sight.
BANKING
Kasikornbank Public Co., Ltd.
[Silom
Branch : Silom
Rd., Silom, Bangrak,
Bangkok 10500]
EMPLOYMENT
The subject
employs 8 office
and sales staff.
LOCATION DETAILS
The premise
is owned for
administrative office at
the heading address.
It is located in a
prime commercial area.
COMMENT
Thai
jewelry industry including
precious and semi-precious stones trading were
likely slowdown from
higher gold price
and overall economic
uncertainty from both
domestic and world
market.
The company’s
sales has slowly
grown from previous
year.
FINANCIAL INFORMATION
The capital
was initially registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each.
The capital
was increased later
as followings:
Bht. 5,000,000
on August 19,
1995
Bht. 10,000,000
on February 10,
1998
Bht. 11,000,000
on August 27,
1998
The latest
registered capital was
increased to Bht. 11,000,000
divided into 110,000 shares of Bht. 100
each with fully
paid.
MAIN SHAREHOLDERS
[as at
January 9, 2004]
|
NAME |
HOLDING |
% |
|
|
|
|
Mr. Dinesh Agrawal
Nationality : Indian Address : 31/3 Trok
Vaiti, Silom Rd., Silom,
Bangrak, Bangkok
10500 |
50,000 |
45.45 |
Ms. Nonglak Ratanabutra
Nationality : Thai Address : 410/47 Surawong
Rd., Siphya, Bangrak,
Bangkok
10500 |
14,026 |
12.75 |
Ms. Sopa Raksapol
Nationality : Thai Address : 410/47 Surawong
Rd., Siphya, Bangrak,
Bangkok
10500 |
14,023 |
12.75 |
Ms. Pisamai Nakorntham
Nationality : Thai Address : 410/47 Surawong
Rd., Siphya, Bangrak,
Bangkok
10500 |
14,023 |
12.75 |
Ms. Jaranrat Chachai
Nationality : Thai Address : 410/47 Surawong
Rd., Siphya, Bangrak,
Bangkok
10500 |
14,023 |
12.75 |
Mr. Asoke Kumar
Gupta
Nationality : Indian Address : 31/3 Trok
Vaiti, Silom Rd., Silom,
Bangrak, Bangkok
10500 |
3,900 |
3.55 |
Other shareholders
|
5 |
- |
Total
Shareholders : 11
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Suchart
Srimunjantha No. 3549
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2004 &
2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
|
|
|
|
|
Cash in
hand & at
Bank |
18,395,770.21 |
13,412,037.94 |
|
Trade Accts.
Receivable |
25,194,838.86 |
41,597,677.60 |
|
Inventories |
30,620,531.62 |
23,465,568.58 |
|
Prepaid Value
Added Tax |
836,309.94 |
215,067.45 |
|
Total
Current Assets |
75,047,450.63 |
78,690,351.57 |
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|
|
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Fixed
Assets |
131,831.38 |
362,725.88 |
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Total
Assets |
75,179,282.01 |
79,053,077.45 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
|
Trade Accts.
Payable |
43,099,292.35 |
1,815,587.69 |
|
Accrued Expenses |
1,424,446.17 |
51,069,775.44 |
|
Total Current Liabilities |
44,523,738.52 |
52,885,363.13 |
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Total
Liabilities |
44,523,738.52 |
52,885,363.13 |
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Shareholders' Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 110,000
shares |
11,000,000.00 |
11,000,000.00 |
|
Capital Paid |
11,000,000.00 |
11,000,000.00 |
|
Retained Earning - Unappropriated |
19,655,543.49 |
15,167,714.32 |
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Total Shareholders' Equity |
30,655,543.49 |
26,167,714.32 |
|
Total Liabilities &
Shareholders' Equity |
75,179,282.01 |
79,053,077.45 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
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Sales |
192,142,868.88 |
245,132,606.95 |
|
Other Income |
1,061,204.84 |
353,147.57 |
|
Total
Revenues |
193,204,073.72 |
245,485,754.52 |
|
Expenses |
|
|
|
|
|
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Cost of
Goods Sold |
178,925,977.98 |
230,242,448.05 |
|
Selling &
Administrative Expenses |
7,866,911.21 |
7,828,280.77 |
|
Income Tax |
1,923,355.36 |
2,224,507.71 |
|
Total Expenses
|
188,716,244.55 |
240,295,236.53 |
|
Net
Profit / [Loss] |
4,487,829.17 |
5,190,517.99 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2004 |
2003 |
|
Sales |
[21.62] |
|
|
Operating |
0.31 |
|
|
Net Profit |
[13.54] |
|
|
Fixed Assets |
[63.66] |
|
|
Total Assets |
[4.90] |
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Profitability |
|
|
|
Cost of
Goods Sold |
93.12 |
93.93 |
|
Operating Profit
Margin |
6.88 |
6.07 |
|
S&A expenses |
4.09 |
3.19 |
|
Other Revenues |
0.55 |
0.14 |
|
Net Profit
Margin |
2.34 |
2.12 |
|
Earning Per
Shares |
40.82 |
47.19 |
|
No. of
Shares |
110,000 |
110,000 |
Net Sales was
decreased by 21.62%,
Operating Profit was
increased by 0.31%,
Net Profit was
decreased by 13.54%,
Fixed Assets was
decreased by 63.66%,
Total Assets was
decreased by 4.90%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
93.93% to 93.12%,
Operating Profit Margin
was increased from
6.07% to 6.88%,
S & A
Expenses were increased
from 3.19% to
4.09%, Other Revenues
was increased from
0.14% to 0.55%,
Net Profit Margin
was increased from
2.12% to 2.34%.
Earning Per
Shares was decreased
from 47.19 baht
per share to
40.82 baht per
share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current
Ratio |
1.69 |
1.49 |
|
Quick
- assets ratio |
0.98 |
1.04 |
Current Ratio
was increased from
1.49 to 1.69,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
1.04 to 0.98,
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 |
1.45 |
2.02 |
D/E Ratio was
decreased from 2.02
to 1.45, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2004 |
2003 |
|
Fixed
Assets Turnover |
1,457.49 |
675.81 |
|
Total
Assets Turnover |
2.56 |
3.10 |
|
Return
on Assets |
5.97 |
6.57 |
|
Return
on Equity |
14.64 |
19.84 |
|
Day’s
Payable |
87.92 |
2.88 |
|
Day’s
Inventories |
62.46 |
37.20 |
|
Days’
Receivables |
47.86 |
61.94 |
Fixed Assets
Turnover was increased
from 675.81 times
to 1,457.49 times,
Total Assets Turnover
was decreased from
3.10 times to
2.56 times, show
the company could
use Fixed Assets
so efficiently, and
Return on Assets
was decreased from
6.57 to 5.97,
Return on Equity
was decreased from
19.84 to 14.64,
capacity to use
Assets to make
profit was not
good.
Day’s Payable
was increased from
3 days to 88 days,
Day’s Inventories was
increased from 38
days to 63
days, and Day’s
Receivables was increased
from 62 days
to 48 days.
RATING EXPLANATIONS
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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 |
|
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 |