MIRA
INFORM REPORT
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Report Date : |
18th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
OM
DIAMONDS COMPANY LIMITED |
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Registered Office : |
28th Floor, Jewellery Trade
Center, 919/352-353 Silom Road,
Silom, 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 : |
10.09.1993 |
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Com. Reg. No.: |
0105536103864 [Former : 6960/2536] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
The subject
is engaged in importing, distributing and exporting
various shapes and
sizes of diamonds
and pearl. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
Usually
Correct |
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Litigation : |
Clear |
Company name
OM DIAMOND
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 28th FLOOR,
JEWELLERY TRADE CENTER,
919/352-353
SILOM ROAD, SILOM,
BANGRAK,
BANGKOK
10500, THAILAND
TELEPHONE : [66] 2630-2700-2
FAX : [66]
2630-2700
E-MAIL ADDRESS : omdiam@ksc.th.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1993
REGISTRATION NO.
: 0105536103864 [Former : 6960/2536]
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.
SHAH DIPAK KUMAR
HIRALAL, INDIAN
MANAGING
DIRECTOR
NO. OF
STAFF : 4
LINES OF
BUSINESS : DIAMONDS
IMPORTER,
DISTRIBUTOR & EXPORTER
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 September 10, 1993
as a private limited company under the name style
OM DIAMOND CO., LTD., by Thai and Indian
groups, in order to import
and distribute diamonds
to local market.
It currently employs
4 staff.
The
subject’s registered address
is at 919/352-353 Jewellery Trade
Center, Silom Rd.,
Silom, Bangrak, Bangkok
10500, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
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Name |
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Nationality |
Age |
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Mr. Shah
Dipak Kumar Hiralal
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Indian |
34 |
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Mrs. Pallave
Prakash Shah |
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Indian |
42 |
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Mr. Shah
Prakah Mansuklal |
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Indian |
47 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Shah Dipak Kumar
Hiralal is
the Managing Director.
He is
Indian nationality with
the age of
34 years old.
BUSINESS OPERATIONS
The subject
is engaged in importing,
distributing and exporting
various shapes and
sizes of diamonds
and pearl..
PURCHASE
The
products are purchased
from both local
and overseas suppliers
mainly in India.
DISTRIBUTION
Its products
are sold by
wholesale to traders
and jewelry manufacturers both in domestic
and overseas countries,
such as Belgium,
India, United Kingdom,
Italy, U.S.A, France
and Asian countries.
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.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject
is not found to have
any subsidiary nor affiliated company here
in Thailand.
CREDIT
Sales are
on the credits term of
30-60 days.
Local bills
are paid by
cash or on
negotiated term.
Imports are
by L/C at sight or
T/T.
Exports are
against L/C at
sight or T/T.
BUSINESS TRANSACTION
The products
are sold to wholesalers and end-users by credit,
with the maximum credit given
at 30-60 days.
The subject is not found to have problem on its
account receivable.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
EMPLOYMENT
The
subject employs 4
staff [office and sales
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’s
sales remain upbeat due to
diamond and pearl
are in high demand from
jewelry industry especially
for international markets.
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 follows:
Bht. 5,000,000
on April 4, 1995
Bht. 11,000,000
on July 14, 1998
The
latest registered capital
was increased to
Bht. 11,000,000 divided
into 110,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 30,
2006]
|
NAME |
HOLDING |
% |
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Mr.
Shah Dipak Kumar
Hiralal Nationality:
Indian Address : Bombay, India |
53,000 |
48.18 |
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Mr. Sayan
Noonpolkrang Nationality:
Thai Address : 347 Phaholyothin Rd.,
Ladyao, Jatujak, Bangkok 10900 |
14,100 |
12.81 |
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Mr. Anuvach Eiamsa-ard Nationality:
Thai Address : 599 Krungthep-Kreetha Rd., Huamark, Bangkapi, Bangkok |
14,000 |
12.73 |
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Mr. Kampha Chan Nationality:
Thai Address : 48 Moo 6, T. Takest, A. Utumpornpisai, Srisaket |
14,000 |
12.73 |
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Mr. Min
Midyim Nationality:
Thai Address : 53
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok
|
14,000 |
12.73 |
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Mr. Shah
Prakah Mansuklal Nationality:
Indian Address : Bombay, India |
450 |
0.41 |
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Mrs. Pallave Prakash Shah Nationality:
Indian Address : Bombay, India |
450 |
0.41 |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Vasana
Tanmongkol No. 1888
BALANCE SHEET [BAHT]
The latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
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Cash in
hand & at
Bank |
57,924.33 |
7,128.42 |
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Postdated Cheque |
- |
2,663,028.81 |
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Trade Accts.
Receivable |
31,023,206.16 |
26,717,050.23 |
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Short Term
Loan to Related
Person |
- |
11,300,000.00 |
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Inventories |
66,242,522.50 |
56,458,819.74 |
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Other Current
Assets |
967,143.42 |
1,606,513.01 |
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Total
Current Assets |
98,290,796.41 |
98,752,540.21 |
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Fixed
Assets |
5,802,927.31 |
6,705,342.80 |
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Other
Assets |
12,900.00 |
29,900.00 |
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Total
Assets |
104,106,623.72 |
105,487,783.01 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Bank Overdraft |
2,352,165.27 |
81,378.50 |
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Trade Accts.
Payable |
55,618,446.60 |
80,744,849.83 |
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Postdated Cheque |
- |
- |
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Short Term
Loan fro Related
Person |
26,600,000.00 |
- |
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Other Current
Liabilities |
4,823,310.27 |
6,132,825.56 |
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Total Current Liabilities |
89,393,922.14 |
86,959,053.89 |
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Long Term
Loan |
2,833,305.94 |
1,054,895.24 |
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Total
Liabilities |
92,227,228.08 |
88,013,949.13 |
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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 |
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Capital Paid |
11,000,000.00 |
11,000,000.00 |
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Retained Earning - Unappropriated |
879,395.64 |
6,473,833.88 |
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Total Shareholders' Equity |
11,879,395.64 |
17,473,833.88 |
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Total Liabilities &
Shareholders' Equity |
104,106,623.72 |
105,487,783.01 |
PROFIT & LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
112,713,180.11 |
68,407,813.04 |
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Other Income |
279,495.98 |
3,958,652.10 |
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Total
Revenues |
112,992,676.09 |
72,366,465.14 |
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Expenses |
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Cost of
Goods Sold |
103,3800,98.12 |
62,035,293.12 |
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Selling &
Administrative Expenses |
9,256,919.25 |
8,399,089.37 |
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Loss on
Exchange Rate |
4,714,682.41 |
- |
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Total Expenses
|
117,351,699.78 |
70,434,382.49 |
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Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
[4,359,023.69] |
1,932,082.65 |
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Interest Expenses |
[558,364.93] |
[264,999.45] |
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Income Tax |
[677,049.62] |
[555,272.18] |
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Net
Profit / [Loss] |
[5,594,438.24] |
1,111,811.02 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
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Annual
Growth |
2005 |
2004 |
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Sales |
64.77 |
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Operating |
[88.83] |
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Net Profit |
[603.18] |
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Fixed Assets |
[13.46] |
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Total Assets |
[1.31] |
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Profitability |
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Cost of
Goods Sold |
91.72 |
90.68 |
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Operating Profit
Margin |
0.32 |
2.82 |
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S&A expenses |
8.21 |
12.28 |
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Interest |
0.50 |
0.39 |
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Other Revenues |
0.25 |
5.79 |
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Net Profit
Margin |
[4.96] |
1.63 |
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Earning Per
Shares |
[50.86] |
10.11 |
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No. of
Shares |
110,000 |
110,000 |
Net Sales was
increased by 64.77%,
Operating Profit was
decreased by 88.83%,
Net Profit was
decreased by 603.18%,
Fixed Assets was
decreased by 13.46%,
Total Assets was
decreased by 1.31%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
90.68% to 91.72%,
Operating Profit Margin
was decreased from
2.82% to 0.32%,
S & A
Expenses were decreased
from 12.28% to
8.21%, Interest Paid
was increased from
0.39% to 0.50%,
Other Revenues was
decreased from 5.79%
to 0.25%, Net
Profit Margin was
decreased from 1.63%
to -4.96%.
Earning Per
Shares was decreased
from 10.11 baht
per share to -50.86
baht per share.
Liquidity
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Liquidity |
2005 |
2004 |
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Current Ratio |
1.10 |
1.14 |
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Quick
- assets ratio |
0.35 |
0.47 |
Current Ratio
was decreased from 1.14 to 1.10,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
0.47 to 0.35,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
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Leverage |
2005 |
2004 |
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D/E Ratio |
7.76 |
5.04 |
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Times Interest
Earned |
0.64 |
7.29 |
D/E Ratio was
increased from 5.04
to 7.76, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high
and Times Interest
Earned was decreased
from 7.29 to
0.64, capacity to
pay interest paid
was not good.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
19.42 |
10.20 |
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Total Assets
Turnover |
1.08 |
0.65 |
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Return on
Assets |
[5.37] |
1.05 |
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Return on
Equity |
[47.09] |
6.36 |
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Day’s Payable |
177.64 |
474.92 |
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Day’s Inventories |
211.58 |
297.12 |
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Days’ Receivables |
99.09 |
140.60 |
Fixed Assets Turnover
was increased from
10.20 times to
19.42 times, Total
Assets Turnover was
increased from 0.65
times to 1.08
times, show the
company could use
Assets so efficiently, and Return on
Assets was decreased
from 1.05 to
-5.37, Return on
Equity was decreased
from 6.36 to
-47.09, capacity to
use Assets to
make profit was
not good.
Day’s Payable
was decreased from
475 days to
178 days, Day’s
Inventories was decreased
from 298 days
to 212 days, and Day’s
Receivables was decreased
from 141 days
to 100 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 |
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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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