MIRA
INFORM REPORT
|
Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PRITI GEMS CO., LTD. |
|
|
|
|
Registered Office : |
Suite 3110, 31st Floor, Jewelery
Trade Center, 919/395 Silom
Road, Silom, Bangrak, Bangkok
10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
1990 |
|
|
|
|
Com. Reg. No.: |
0105533054463 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Engaged in
importing and distributing of diamonds and
gemstones, as well
as exporting of
Thai cutting diamonds
and pearl. |
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 |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name
PRITI GEMS CO., LTD.
SUMMARY
BUSINESS ADDRESS : SUITE 3110,
31st FLOOR,
JEWELERY TRADE
CENTER, 919/395
SILOM ROAD, SILOM,
BANGRAK, BANGKOK
10500
TELEPHONE : [66] 2630-0048-9
FAX :
[66] 2630-0047
E-MAIL ADRESS : pritigem@samart.co.th
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1990
REGISTRATION NO.
: 0105533054463 [Former : 5445/ 2533]
CAPITAL REGISTERED : BHT. 12,000,000
CAPITAL PAID-UP
: BHT. 12,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
DEVEN HARSHAD KUMAR DOSHI, INDIAN
MANAGING DIRECTOR
NO. OF STAFF
: 8
LINES OF
BUSINESS : DIAMONDS AND
GEMSTONE
TRADING
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 May 15, 1990 as a private limited company under the name style PRITI GEMS CO., LTD., by Thai and Indian groups, to engage in jewelry trading business. It currently employs 8 staff.
The subject’s registered address is 919/395 Jewelery Trade Center, Silom Rd., Silom, Bangrak, Bangkok 10500, and this is the subject’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Deven Harshad
Kumar Doshi |
|
Indian |
49 |
|
Mr. Chandra Kumar
Purohit |
|
Indian |
- |
|
Mr. Jay Harshad
Kumar Doshi |
|
Indian |
40 |
AUTHORIZED PERSON
One of
the above directors
can sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Deven
Harshad Kumar Doshi is the Managing Director.
He is
Indian nationality with
the age of
49 years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing of diamonds and
gemstones, as well
as exporting of
Thai cutting diamonds
and pearl.
PURCHASE
Thai cutting
diamonds are purchased
from local suppliers.
IMPORT
Diamonds and gemstones
are imported from
India, Japan, Hong
Kong and North
America country.
MAJOR SUPPLIER
Sejal Gems Pvt.
Ltd. : India
SALES
The import
products are sold
locally to wholesalers
and jewellery manufacturers.
EXPORT
Thai diamond and
pearl are exported
to India, U.S.A.
and Europe country.
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
Bangkok
Bank Public Co.,
Ltd.
[Head
Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok]
EMPLOYMENT
The subject employs
8 staff.
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address. Premise
is located in
a prime commercial
area.
COMMENT
Most of Thai manufacturers in the jewelry industry are
original equipment manufacturers (OEM) which supply products to
international buyers. Consequently, Thai jewelry producers were encouraged by
the government to improve of their products in term of brand, design, quality and technology processing,
including cutting diamond.
The subject’s products
currently play a
significant role in supplying advance and
technology of cutting diamond
from Thai manufacture
to international markets.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 4,000,000 divided into
40,000 shares of
Bht. 100 each.
On October 17,
1996, the capital
was increased to
Bht. 12,000,000 divided into
120,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Deven
Harshad Kumar Doshi Nationality: Indian Address :
62 Tardiw Rd.,
Bombay, India |
58,800 |
49.00 |
|
Mrs. Ratri Samanavanich Nationality: Thai Address :
84 Phyathai Rd.,
Thungphyathai, Phyathai, Bangkok |
13,200 |
11.00 |
|
Ms. Rawadee A. Esari Nationality: Thai Address :
229/25 Petchburi Rd.,
Thungphyathai, Phyathai, Bangkok |
9,600 |
8.00 |
|
Mrs. Cholrudee Chantadul Nationality: Thai Address :
229/25 Petchburi Rd.,
Thungphyathai, Phyathai, Bangkok |
9,600 |
8.00 |
|
Mr. Boonlert Phuprakorn Nationality: Thai Address :
433/12 Petchburi Rd.,
Thungphyathai, Phyathai, Bangkok |
9,600 |
8.00 |
|
Ms. Anthana Boonmalert Nationality: Thai Address :
30/1 Moo 5, Yothaka,
Bangnampriew, Chachoengsao |
9,600 |
8.00 |
|
Mrs. Sumalee Langsanti Nationality: Thai Address :
283 Asoke - Dindaeng Rd.,
Samsennai, Phyathai, Bangkok
|
9,600 |
8.00 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mr. Thanawat Ek-aranpong No.
5465
BALANCE SHEET [BAHT]
The latest financial figures published for
December 31, 2005
& 2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
Hand & at Bank |
3,371,838.97 |
1,989,806.82 |
|
Trade Accts.
& Notes Receivable |
93,719,575.97 |
53,066,375.52 |
|
Inventories |
161,104,292.19 |
64,406,545.98 |
|
Other Current
Assets |
52,603.40 |
77,848.70 |
|
Total
Current Assets
|
258,248,310.53 |
119,540,577.02 |
|
|
|
|
|
Fixed Assets |
792,460.01 |
1,155,765.06 |
|
Other Assets |
591,250.00 |
10,000.00 |
|
Total
Assets |
259,632,020.54 |
120,706,342.08 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
231,265,945.00 |
100,233,339.25 |
|
Short Term
Loan from Person & Related Company |
19,680,431.65 |
7,959,597.50 |
|
Accrued Income
Tax |
- |
435,580.06 |
|
Other Current
Liabilities |
1,282,550.19 |
230,249.93 |
|
Total Current Liabilities |
252,228,926.84 |
108,858,766.74 |
|
Total
Liabilities |
252,228,926.84 |
108,858,766.74 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 120,000
shares |
12,000,000.00 |
12,000,000.00 |
|
Capital Paid |
12,000,000.00 |
12,000,000.00 |
|
Retained Earning - Unappropriated |
[4,596,906.30] |
[152,424.66] |
|
Total Shareholders' Equity |
7,403,093.70 |
11,847,575.34 |
|
Total Liabilities &
Shareholders' Equity |
259,632,020.54 |
120,706,342.08 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
379,922,317.37 |
219,129,777.78 |
|
Other Income |
- |
1,988,038.09 |
|
Total
Revenues |
379,922,317.37 |
221,117,815.87 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
369,355,662.31 |
211,854,961.12 |
|
Selling &
Administrative Expenses |
15,011,136.70 |
6,285,538.84 |
|
Total Expenses
|
384,366,799.01 |
218,140,499.96 |
|
Profit /
[Loss] from Income |
[4,444,481.64] |
2,977,315.91 |
|
Income Tax |
- |
[960,580.06] |
|
Net
Profit / [Loss] |
[4,444,481.64] |
2,016,735.85 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
73.38 |
|
|
Operating |
[186.10] |
|
|
Net Profit |
[320.38] |
|
|
Fixed Assets |
[31.43] |
|
|
Total Assets |
115.09 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
97.22 |
96.68 |
|
Operating Profit
Margin |
[1.17] |
1.36 |
|
S&A expenses |
3.95 |
2.87 |
|
Other Revenues |
0.00 |
0.91 |
|
Net Profit
Margin |
[1.17] |
0.92 |
|
Earning Per
Shares |
[37.04] |
16.81 |
|
No. of
Shares |
120,000 |
120,000 |
Net Sales was increased by 73.38%, Operating Profit was decreased by 186.10%, Net Profit was decreased by 320.38%, Fixed Assets was decreased by 31.43%, Total Assets was increased by 115.09%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
96.68% to 97.22%,
Operating Profit Margin
was decreased from
1.36% to -1.17%,
S & A
Expenses were increased
from 2.87% to
3.95%, Other Revenues
was decreased from
0.91% to 0.00%,
Net Profit Margin
was decreased from
0.60% to -1.17%.
Earning Per
Shares was decreased
from 16.81 baht
per share to
-37.04 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.02 |
1.10 |
|
Quick -
assets ratio |
0.38 |
0.51 |
Current Ratio
was decreased from
1.10 to 1.02,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
0.51 to 0.38,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
|
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
34.07 |
9.19 |
D/E Ratio was
increased from 9.19
to 34.07, 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 |
479.42 |
189.60 |
|
Total Assets
Turnover |
1.46 |
1.82 |
|
Return on
Assets |
[1.71] |
1.67 |
|
Return on
Equity |
[60.04] |
17.02 |
|
Day’s Payable |
219.14 |
164.67 |
|
Day’s Inventories |
152.66 |
105.81 |
|
Days’ Receivables |
88.81 |
87.18 |
Fixed Assets Turnover was increased from 189.60 times to 479.42 times, Total Assets Turnover was decreased from 1.82 times to 1.46 times, show the company could use Fixed Assets so efficiently, and Return on Assets was decreased from 1.67 to -1.71, Return on Equity was decreased from 17.02 to -60.04, capacity to use Assets to make profit was not good.
Day’s Payable
was increased from
165 days to
220 days, Day’s
Inventories was increased
from 106 days
to 153 days, and Day’s
Receivables was increased
from 88 days
to 89 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%)