MIRA
INFORM REPORT
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Report Date : |
16th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
SUKAN
CO., LTD. |
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Registered Office : |
Unit A, 25th Floor, Gems Tower, 1249/182 Charoenkrung Road, Suriyawonse, Bangrak, Bangkok 10500, Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
11.07.2002 |
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Com. Reg. No.: |
0105545071929 [Former: 10454501225] |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer,
Distributor and Exporter of diamond,
gemstone and jewelry
products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Status : |
Moderate
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company name
SUKAN CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : UNIT A, 25th FLOOR,
GEMS TOWER,
1249/182
CHAROENKRUNG ROAD, SURIYAWONSE,
BANGRAK,
BANGKOK 10500, THAILAND
TELEPHONE : [66] 2267-4730-2
FAX : [66]
2267-4733
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 2002
REGISTRATION NO.
: 0105545071929 [Former: 10454501225]
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP
: BHT. 4,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. RISHI MAFATLAL KOTHARI, INDIAN
MANAGING
DIRECTOR
NO. OF
STAFF : 6
LINES OF
BUSINESS : JEWELRY TRADING
COMPANY
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 July 11,
2002 as a
private limited company under the name style
SUKAN CO., LTD.,
by Thai and
Indian groups. Its
business objective is
engaged in jewelry
trading. The subject
currently employs 6
staff.
The subject’s registered address
is 1249/182 Charoenkrung Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr.
Anand Jayantilal Kothari |
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Indian |
21 |
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Mr.
Vikrant Karnawat |
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Indian |
31 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Rishi
Mafatlal Kothari
is the Managing Director.
He is
Indian nationality.
BUSINESS OPERATIONS
The subject
is engaged in
importing, distributing and exporting of
diamond, gemstone and
jewelry products according
to customer’s requirement.
IMPORT
Diamond and
gemstone are imported
from India and
South Africa.
SALES [LOCAL]
Diamond and
gemstone are sold
locally by wholesale to manufacturers and
traders.
EXPORT
The jewelry
products are exported
to India, Hong
Kong and Singapore.
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.
Local bills
are paid by
cash or on
the credits term
of 30-60 days.
Imports are
by L/C at sight or
D/A and T/T.
Exports are
against L/C, D/A
or T/T.
BANKING
N/A
EMPLOYMENT
The
subject employs 6
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
a prime commercial
area.
COMMENT
Thai
jewelry products are really
vibrant. Thai design is more
diversified and international as well
as labour quality is excellent. Many
Indian jewelry traders likely to buy jewelry made in Thailand to sell in India,
while selling the loose gem stone and diamond to Thai producers.
The
subject is doing
moderate business.
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
13, 2004
Bht.
6,000,000 on January
13, 2006
The
latest registered capital
was increased to
Bht. 6,000,000 divided
into 60,000 shares
of Bht. 100
each.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2006] at Bht. 4,000,000 of capitalization.
|
NAME |
HOLDING |
% |
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Mr. Rishi
Mafatlal Kothari Nationality: Indian Address :
1349/47 Charoennakorn Rd.,
Banglampulang, Klongsan,
Bangkok |
9,800 |
24.50 |
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Mr. Anand
Jayantilal Kothari Nationality: Thai Address :
304 Mumbai, India |
9,600 |
24.00 |
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Mr. Santi
Leechalad Nationality: Thai Address :
86 Krungkasem Rd.,
Klongmahanak, Pomprab, Bangkok |
5,100 |
12.75 |
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Ms. Saralporn Chaochainat Nationality: Thai Address :
14 Krungkasem Rd.,
Klongmahanak, Pomprab, Bangkok |
5,100 |
12.75 |
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Mr. Nara
Promsin Nationality: Thai Address :
84 Krungkasem Rd.,
Klongmahanak, Pomprab, Bangkok |
5,100 |
12.75 |
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Mr. Thawatchai Langsanti Nationality: Thai Address :
5/78 Moo 1,
Kokfaed, Nongjok, Bangkok |
5,100 |
12.75 |
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Mrs. Anju
Jayantilal Kothari Nationality: Indian Address :
304 Mumbai, India |
200 |
0.50 |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs.
Punnee Sornprachoom No.
0634
BALANCE SHEET [BAHT]
The latest financial
figures published as
at December 31,
2005 & 2004 were:
ASSETS
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Current Assets |
2005 |
2004 |
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Cash in
hand & at
Bank |
722,550.31 |
81,741.37 |
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Trade Accts.
Receivable |
6,362,412.10 |
13,214,659.08 |
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Inventories |
1,035,931.12 |
3,939,466.51 |
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Other Current
Assets |
89,475.38 |
131,108.23 |
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Total
Current Assets |
8,210,368.91 |
17,366,975.19 |
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Long-term Investment |
- |
3,000,000.00 |
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Fixed
Assets |
96,182.00 |
4,492.60 |
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Guarantee &
Deposit |
- |
55,000.00 |
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Total
Assets |
8,306,550.91 |
20,426,467.79 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Trade Accts.
Payable |
2,368,138.18 |
14,436,195.72 |
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Other Current
Liabilities |
114,487.76 |
501,268.74 |
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Total Current Liabilities |
2,482,625.94 |
14,937,464.46 |
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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 |
4,000,000.00 |
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Capital Paid |
4,000,000.00 |
4,000,000.00 |
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Unappropriated |
1,823,924.97 |
1,489,003.33 |
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Total Shareholders' Equity |
5,823,924.97 |
5,489,003.33 |
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Total Liabilities & Shareholders' Equity |
8,306,550.91 |
20,426,467.79 |
PROFIT & LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
30,720,270.41 |
32,093,249.73 |
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Gain from
Sale of Investment |
150,000.00 |
- |
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Interest Income |
47,046.56 |
101,219.38 |
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Gain on
Exchange Rate |
- |
309,826.31 |
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Total
Revenues |
30,917,316.97 |
32,504,295.42 |
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Expenses |
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Cost of
Goods Sold |
28,901,216.46 |
29,268,532.50 |
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Selling &
Administrative Expenses |
1,611,405.71 |
1,458,783.84 |
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Total Expenses
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30,512,622.17 |
30,727,316.34 |
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Profit
/ [Loss] before Interest Expenses
& Income
Tax |
404,694.80 |
1,776,979.08 |
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Interest Expenses |
[8,778.07] |
- |
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Income Tax |
[60,995.09] |
[346,145.18] |
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Net
Profit / [Loss] |
334,921.64 |
1,430,833.90 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
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Annual
Growth |
2005 |
2004 |
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Sales |
[4.28] |
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Operating |
[76.21] |
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Net Profit |
[76.59] |
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Fixed Assets |
2,040.90 |
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Total Assets |
[59.33] |
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Profitability |
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Cost of
Goods Sold |
94.08 |
91.20 |
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Operating Profit
Margin |
1.32 |
5.54 |
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S&A expenses |
5.25 |
4.55 |
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Interest |
0.03 |
0.00 |
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Other Revenues |
0.64 |
1.28 |
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Net Profit
Margin |
1.09 |
4.46 |
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Earning Per
Shares |
8.37 |
35.77 |
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No. of
Shares |
40,000 |
40,000 |
Net Sales was
decreased by 4.28%,
Operating Profit was
decreased by 76.21%,
Net Profit was
decreased by 76.59%,
Fixed Assets was
increased by 2,040.90%,
Total Assets was
decreased by 59.33%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
91.20% to 94.08%,
Operating Profit Margin
was decreased from
5.54% to 1.32%,
S & A
Expenses were increased
from 4.55% to
5.25%, Interest Paid
was increased from
0.00% to 0.03%,
Other Revenues was
decreased from 1.28%
to 0.64%, Net
Profit Margin was
decreased from 4.46%
to 1.09%.
Earning Per
Shares was decreased
from 35.77 baht
per share to
8.37 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
3.31 |
1.16 |
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Quick
- assets ratio |
2.85 |
0.89 |
Current Ratio
was increased from
1.16 to 3.31,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
0.89 to 2.85,
capacity to pay
Short Term Loan
was good too, because
Current Assets without
Inventory can cover
Current Liabilities.
Leverage
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Leverage |
2005 |
2004 |
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D/E Ratio |
0.43 |
2.72 |
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Times Interest
Earned |
46.10 |
- |
D/E Ratio was
decreased from 2.72
to 0.43, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low
and Times Interest
Earned was 46.10,
capacity to pay
interest paid was
good.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
319.40 |
7,143.58 |
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Total Assets
Turnover |
3.70 |
1.57 |
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Return on
Assets |
4.03 |
7.00 |
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Return on
Equity |
5.75 |
26.07 |
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Day’s Payable |
27.75 |
161.94 |
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Day’s Inventories |
12.14 |
44.19 |
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Days’ Receivables |
74.56 |
148.23 |
Fixed Assets Turnover
was decreased from
7,143.58 times to
319.40 times, Total
Assets Turnover was
increased from 1.57
times to 3.70
times, show the
company could use
Assets so efficiently, and Return on
Assets was increased
from 7.00 to
4.03, Return on
Equity was decreased
from 26.07 to
5.75, capacity to
use Assets to
make profit was
good.
Day’s Payable
was decreased from
162 days to
28 days, Day’s
Inventories was decreased
from 45 days
to 13 days, and Day’s
Receivables was decreased
from 149 days
to 75 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 |
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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 |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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