MIRA
INFORM REPORT
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Report Date : |
24th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
G S T
DIAMOND AND GEMS LIMITED |
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Registered Office : |
293/27 Soi
Kamchai Iamsuri, Surawong
Road, Suriyawongse, Bangrak,
Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
25.06.2004 |
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Com. Reg. No.: |
0105547085854 [Former : 0108654712188] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Engaged in
diamonds and gems
trading business, including
the followings: Ø
Importing and
distributing of diamonds
and colored precious
stones. Ø
Exporting and
re-exporting of diamonds. |
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
G S T DIAMOND
& GEMS LIMITED
SUMMARY
BUSINESS ADDRESS : 293/27 SOI KAMCHAI IAMSURI,
SURAWONG ROAD,
SURIYAWONGSE, BANGRAK, BANGKOK 10500
TELEPHONE : [66] 2267-1888-91
FAX : [66] 2266-2946, 2236-9475
E-MAIL ADDRESS : gsndiam@hotmail.com,
vashi@geesonsthailand.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO.
: 0105547085854 [Former : 0108654712188]
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. VASHI GORDHANDAS
TANWANI, INDIAN
MANAGING
DIRECTOR
NO. OF
STAFF : 10
LINES OF
BUSINESS : DIAMONDS
AND PRECIOUS STONES
IMPORTER,
DISTRIBUTOR AND 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 June 25,
2004 as a
private limited company under the name style
G S T DIAMOND & GEMS LIMITED
by Thai and
Indian groups, in
order to engage
in diamonds and
gems trading business.
It currently employs
approximately 10 staff.
The
subject’s registered address
is 293/27 Surawong
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.
Somsak Tantivathin |
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Thai |
78 |
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Mr.
Gordhan Sobhraj Tanwani |
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Indian |
74 |
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Mr.
Vashi Gordhandas Tanwani |
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Indian |
47 |
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Mr.
Vijay Tanwani |
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Indian |
38 |
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Mrs.
Nant Inthakul |
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Thai |
42 |
AUTHORIZED PERSON
Two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Vashi
Gordhandas Tanwani
is the Managing Director.
He is
Indian nationality with
the age of
47 years old.
Mr. Vijay
Tanwani is
the Assistant Managing
Director.
He is
Indian nationality with
the age of
38 years old.
BUSINESS OPERATIONS
The subject
is engaged in
diamonds and gems
trading business, including
the followings:
- Importing
and distributing of
diamonds and colored
precious stones.
- Exporting
and re-exporting of
diamonds.
PURCHASE
The products
are purchased from
supplier both locally
and overseas, mainly
in India, Belgium
and Israel.
SALES
The products
are sold locally
to manufacturers and
end-users.
EXPORT
The products
are exported to
Indonesia, Republic of
China, and Hong
Kong.
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
T/T.
Exports are
against L/C at
sight or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately 10 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 operating performance
is considered satisfactory with its sale
revenue in 2005.
In general, the subject’s business has a
bright prospect due
to diamonds and
gem stones are
still in high
demand from local
jewelry manufactures.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
2,000,000 divided into
20,000 shares of Bht. 100
each.
On
November 4, 2004,
the capital was
increased to Bht. 4,000,000 divided into 40,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at April 28, 2006]
|
NAME |
HOLDING |
% |
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Mr. Somsak Tantivathin Nationality: Thai Address :
25/13 Sukhumvit 20
Rd., Klongtoey, Bangkok |
16,400 |
41.00 |
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Mr. Gordhan Sobhraj Tanwani Nationality: Indian Address :
168/95 Sukhumvit 23
Rd., Klongtoeynua, Wattana, Bangkok |
10,000 |
25.00 |
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Mrs. Punjavishi Tanwani Nationality: Indian Address :
168/95 Sukhumvit 23
Rd., Klongtoeynua, Wattana,
Bangkok |
4,800 |
12.00 |
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Mrs. Punam Tanwani Nationality: Indian Address :
168/95 Sukhumvit 23
Rd., Klongtoeynua, Wattana, Bangkok |
4,400 |
11.00 |
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Mrs. Pimolwan Lakani Nationality: Thai Address :
204/21 Bangkapi, Bangkok |
2,000 |
5.00 |
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Mrs. Nant
Inthakul Nationality: Thai Address :
205/127 Pattanakarn 1
Rd., Bangpongpang, Yannawa, Bangkok |
1,200 |
3.00 |
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Mrs. Nujcharin Asawachusakkul Nationality: Thai Address :
19 Thanon Nakornchaisri, Dusit, Bangkok |
800 |
2.00 |
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Mr. Vijay
Tanwani Nationality: Indian Address :
168/95 Sukhumvit 23
Rd., Klongtoeynua, Wattana, Bangkok |
400 |
1.00 |
Total
Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr.
Thana Prachasri No. 1517
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 was:
ASSETS
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Current Assets |
2005 |
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Cash in
hand & at
Bank |
421,633.84 |
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Trade Accts.
Receivable |
3,534,147.20 |
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Other Current
Assets |
14,606,423.36 |
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Total
Current Assets |
18,562,204.40 |
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Fixed
Assets |
247,436.13 |
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Total
Assets |
18,809,640.53 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
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Current Liabilities |
2005 |
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Trade Accts.
& Notes Payable |
13,993,812.45 |
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Accrued Expenses |
26,089.80 |
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Payable-Revenue Department |
162,602.09 |
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Other Current
Liabilities |
49,378.62 |
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Total Current Liabilities |
14,231,882.96 |
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Total
Liabilities |
14,231,882.96 |
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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 |
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Capital Paid |
4,000,000.00 |
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Retained Earning - Unappropriated |
577,757.57 |
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Total Shareholders' Equity |
4,577,757.57 |
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Total Liabilities &
Shareholders' Equity |
18,809,640.53 |
PROFIT & LOSS ACCOUNT
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Revenue |
2005 |
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Sales |
28,660,080.03 |
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Other Income |
29,818.86 |
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Total
Revenues |
28,689,898.89 |
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Expenses |
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Cost of
Goods Sold |
26,381,141.32 |
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Selling &
Administrative Expenses |
1,778,619.36 |
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Total Expenses
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28,159,760.68 |
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Profit
/ [Loss] Before Income
Tax |
530,138.21 |
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Income Tax |
[83,128.62] |
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Net
Profit / [Loss] |
447,009.59 |
FINANCIAL ANALYSIS
Profitability
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Profitability |
2005 |
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Cost of
Goods Sold |
92.05 |
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Operating Profit
Margin |
1.85 |
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S&A expenses |
6.21 |
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Other Revenues |
0.10 |
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Net Profit
Margin |
1.56 |
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Earning Per
Shares |
11.18 |
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No. of
Shares |
40,000 |
Compare each cost
with sales, Cost
of Goods Sold
was 92.05%, Operating
Profit Margin was
1.85%, S &
A Expenses were
6.21%, Other Revenues
was 0.10%, Net
Profit Margin was
1.56%.
Earning Per
Shares was 11.18
baht per share.
Liquidity
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Liquidity |
2005 |
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Current Ratio |
1.30 |
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Quick
- assets ratio |
0.28 |
Current Ratio
was 1.30, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, and Quick-assets Ratio was 0.28,
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 |
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D/E Ratio |
3.11 |
D/E Ratio was
3.11, show the
company had fund
from Loan more
than fund from
Equity, investment risked
of the company is high.
Efficiency
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Efficiency |
2005 |
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Fixed Assets
Turnover |
115.83 |
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Total Assets
Turnover |
1.52 |
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Return on
Assets |
2.38 |
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Return on
Equity |
9.76 |
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Day’s Payable |
175.78 |
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Days’ Receivables |
44.39 |
Fixed Assets Turnover was 115.83 times, Total Assets Turnover was 1.52 times, show the company could use Assets so efficiently, and Return on Assets was 2.38, Return on Equity was 9.76, capacity to use Assets to make profit was good.
Day’s Payable was 176 days, and Day’s Receivables was 45 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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