MIRA
INFORM REPORT
|
Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VAMA CREATION CO., LTD. |
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Registered Office : |
10th Floor, Bangkok Gems
& Jewellery Tower, 322/10
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 : |
2003 |
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Com. Reg. No.: |
0105546000545 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Designer and exporter
various styles of
fine jewelry in
18k gold and
platinum with diamond, pearl,
precious stones and etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
VAMA CREATION CO., LTD.
SUMMARY
BUSINESS ADDRESS : 10th FLOOR,
BANGKOK GEMS &
JEWELLERY
TOWER, 322/10
SURAWONG ROAD,
SURIYAWONGSE, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2631-8993-4
FAX : [66] 2631-8995
E-MAIL ADDRESS : vamacreation@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO.
: 0105546000545 [Former : 10454600019]
CAPITAL
REGISTERED : BHT. 8,000,000
CAPITAL
PAID-UP : BHT. 8,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PARESH TARACHAND PARMANI, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 30
LINES OF
BUSINESS : FINE JEWELRY
PRODUCTS
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 January 2,
2003 as a
private limited company under the name style
VAMA CREATION CO.,
LTD., by Thai
and Indian groups,
with the objective
to engage in
jewelry business. It
currently employs approximately 30 staff.
The
subject’s registered address
is 322/10 Bangkok Gems & Jewellery Tower,
Surawong Rd., Suriyawongse, Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Paresh Tarachand Parmani |
|
Indian |
40 |
|
Mr. Mayur Kumar Popatlal
Patel |
|
Indian |
26 |
|
Mr. Bavesh Tarachand Pamani |
|
Indian |
34 |
|
Mr. Hidesh Kumar Popatlal
Patel |
|
Indian |
36 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Paresh Tarachand
Parmani is the Managing Director.
He is Indian nationality with
the age of
40 years old.
BUSINESS OPERATIONS
The subject’s
main activities are
designer and exporter
various styles of
fine jewelry in
18k gold and
platinum with diamond, pearl,
precious stones and etc.
The products are
produced by local
jewelry manufacture contractor.
The subject is
also importer and
distributor of fine
jewelry products.
PURCHASE
The products are purchased from
suppliers both in
domestic and overseas countries, such
as India and
South Africa.
SALES [LOCAL]
The products are
sold locally to
wholesalers.
EXPORT
The
products are exported
to U.S.A., Hong
Kong and European
countries.
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 or T/T.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs approximately 30 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
COMMENT
The subject’s
business remains brisk due to demand
of fine jewelry
products has continued growing
especially exports of
jewelry products has
bright prospect.
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 February 6,
2003
Bht. 8,000,000 on February 6,
2004
The
latest registered capital
was increased to Bht.
8,000,000 divided into
80,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 7, 2004]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms.
Thongthip Sertsri Nationality: Thai Address : 172/6
Petchkasem Rd., Pakklong,
Pasicharoen, Bangkok |
40,780 |
50.97 |
|
Mr. Paresh Tarachand
Parmani Nationality: Indian Address : 242-250
Mahaesak Rd., Suriyawongse,
Bangrak, Bangkok |
39,200 |
49.00 |
|
Mr.
Alongkorn Kebboonkerd Nationality: Thai Address : 109
Moo 2, Taladchaiya, Chaiya, Suratthani |
4 |
|
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Ms. Vipa Tangvajanayobai Nationality: Thai Address : 1012/64
Petchkasem Rd., Nongkangplu, Nongkaem, Bangkok |
4 |
|
|
Ms.
Wannakorn Kloomkangplu Nationality: Thai Address : 72/7
Moo 1, Sanambinnam Rd.,
Bangkrasor, Muang, Nonthaburi |
4 |
= 0.03 |
|
Ms.
Thanawan Kokekham Nationality: Thai Address : 138
Petchkasem Rd., Wadthaphra,
Bangkokyai, Bangkok |
4 |
|
|
Ms.
Kanyawee Damrongsakul Nationality: Thai Address : 32/37
Petchkasem Rd., Wadthaphra,
Bangkokyai, Bangkok |
4 |
|
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Bovornsith Sornsilapa No.
6131
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
220,397.55 |
105,855.43 |
|
Trade Accts. Receivable |
41,973,734.41 |
18,126,722.48 |
|
Inventories |
32,183,258.91 |
13,776,182.04 |
|
Other Current Assets
|
1,594,930.03 |
1,829,766.53 |
|
Total Current
Assets |
75,972,320.90 |
33,838,526.48 |
|
|
|
|
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Fixed Assets |
341,135.85 |
308,167.07 |
|
Other Assets |
116,208.75 |
116,208.75 |
|
Total Assets |
76,429,665.50 |
34,262,902.30 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
24,761,942.56 |
12,648,468.06 |
|
Accrued Expenses |
811,105.89 |
123,390.77 |
|
Accrued Income Tax |
527,686.26 |
218,583.84 |
|
Other Current Liabilities |
112,118.21 |
31,964.55 |
|
Total Current
Liabilities |
26,212,852.92 |
13,022,407.22 |
|
Long Term Loan
from Related Person |
40,000,000.00 |
12,750,000.00 |
|
Total Liabilities |
66,212,852.92 |
25,772,407.22 |
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Shareholders'
Equity |
|
|
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|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 80,000 shares |
8,000,000.00 |
8,000,000.00 |
|
Capital Paid |
8,000,000.00 |
8,000,000.00 |
|
Retained Earning -
Unappropriated |
2,216,812.58 |
490,495.08 |
|
Total
Shareholders' Equity |
10,216,812.58 |
8,490,495.08 |
|
Total
Liabilities & Shareholders' Equity |
76,429,665.50 |
34,262,902.30 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
120,760,277.24 |
68,324,108.70 |
|
Other Income |
1,801,447.88 |
413,600.44 |
|
Total Revenues
|
122,561,725.12 |
68,737,709.14 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
107,369,098.38 |
60,697,373.26 |
|
Selling & Administrative Expenses |
12,698,622.57 |
7,194,338.87 |
|
Total Expenses |
120,067,720.95 |
67,891,712.13 |
|
Profit / [Loss] Before Income
Tax |
2,494,004.17 |
845,997.01 |
|
Income Tax |
767,686.67 |
[428,585.45] |
|
Net Profit / [Loss] |
1,726,317.50 |
417,411.56 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
76.75 |
|
|
Operating Profit |
66.79 |
|
|
Net Profit |
313.58 |
|
|
Fixed Assets |
10.70 |
|
|
Total Assets |
123.07 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
88.91 |
88.84 |
|
Operating Profit Margin |
2.07 |
1.24 |
|
S & A
Expenses |
10.52 |
10.53 |
|
Other Revenues |
1.49 |
0.61 |
|
Net Profit Margin |
1.43 |
0.61 |
|
Earning Per Shares |
21.58 |
5.22 |
|
No. of Shares |
80,000 |
80,000 |
Net Sales was
increased by 76.75%,
Operating Profit was
increased by 66.79%,
Net Profit was
increased by 313.58%,
Fixed Assets was
increased by 10.70%,
Total Assets was
increased by 123.07%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 88.84%
to 88.91%, Operating
Profit Margin was
increased from 1.24%
to 2.07%, S
& A Expenses
was decreased from
10.53% to 10.52%,
Other Revenues was
increased from 0.61%
to 1.49%, Net
Profit Margin was
increased from 0.61%
to 1.43%.
Earning Per Shares
was increased from
5.22 baht per
share to 21.58
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
2.90 |
2.60 |
|
Quick-Assets Ratio |
1.61 |
1.40 |
Current Ratio was
increased from 2.60
to 2.90, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.40 to 1.61,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
6.48 |
3.04 |
D/E Ratio was
increased from 3.04
to 6.48, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
353.99 |
221.71 |
|
Total Assets Turnover |
1.58 |
1.99 |
|
Return on Assets |
2.26 |
1.22 |
|
Return on Equity |
16.90 |
4.92 |
|
Day's Payable |
73.82 |
66.64 |
|
Day’s Inventories |
95.94 |
72.59 |
|
Day’s Receivables |
125.13 |
95.51 |
Fixed Assets Turnover
was increased from
221.71 times to
353.99 times, Total
Assets Turnover was
decreased from 1.99
times to 1.58
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was increased
from 1.22 to
2.26, Return on
Equity was increased
from 4.92 to
16.90, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 67
days to 74
days, Day’s Inventories
was increased from
73 days to
96 days, and
Day’s Receivables was
increased from 96
days to 126
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)