MIRA
INFORM REPORT
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Report Date : |
30.07.2007 |
IDENTIFICATION DETAILS
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Name : |
ANJU ENTERPRISE CO., LTD. |
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Registered Office : |
25th Floor, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2002 |
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Com. Reg. No.: |
0105545070043 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Importing and
distributing of diamonds Exporting of
diamonds and jewelry
products. |
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 : |
Regular |
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Litigation : |
Clear |
name
ANJU ENTERPRISE CO., LTD.
SUMMARY
BUSINESS ADDRESS : 25th FLOOR,
BANGRAK,
TELEPHONE : [66] 2267-4780-2
FAX :
[66] 2267-4733
E-MAIL ADDRESS : anjuent@samarts.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2002
REGISTRATION NO. : 0105545070043 [Former
: 10454501193]
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP
: BHT. 6,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. RISHI
MAFATLAL KOTHARI, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 12
LINES OF
BUSINESS : DIAMONDS AND
JEWELRY PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 8,
2002 as a
private limited company
under the name
style ANJU ENTERPRISE
CO., LTD. by Indian and Thai partners, in order to
import, distribute and
export of diamond
and jewelry products. It
currently employs 12 staff.
The
subject is also
an affiliated company
of Sukan Co., Ltd.
The
subject’s registered address
is 25th Flr.,
Gems Tower, 1249/182 Charoenkrung Rd., Suriyawongse,
Bangrak, Bangkok 10500, and this is
the subject’s current
operation address. [The
subject moved its
office from 33rd Flr.,
to 25th Flr.,
on July 15,
2005.]
THE BOARD
OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr.
Rishi Mafatlal Kothari |
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Indian |
26 |
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Mr. Anand
Jayantilal Kothari |
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Indian |
21 |
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 with
the age of
26 years old.
BUSINESS OPERATIONS
The subject
is engaged in
jewelry trading business comprising;
- Importing
and distributing of
diamonds
- Exporting
of diamonds and
jewelry products.
IMPORT
Diamonds
are imported from
SALES [LOCAL]
The imported diamonds are sold
locally to wholesalers
and manufacturers.
EXPORT
Jewelry
products are exported
to United States of America, Srilanka, Hong Kong,
Malaysia, Italy, Germany,
North America and
United Kingdom.
AFFILIATED COMPANY
Sukan
Co., Ltd.
Address
: 1249/209
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
on negotiated term.
Exports are
against T/T on
negotiated term.
BUSINESS TRANSACTION
The products
are sold both
by cash and
credit, with the 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 :
EMPLOYMENT
The
subject employs 12
staff [office and sales staff]
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial
area.
COMMENT
Due to the bright prospect of jewelry
industry, the company would have potential for continue growing as well as sales in 2005 was higher than expected, However,
sales in domestic market this
year will slowly
grow from economic
uncertain, while export
markets remain moderate
growth.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 4,000,000 divided
into 40,000 shares of
Bht. 100 each.
On
November 5, 2004,
the capital was
increased to Bht. 6,000,000 divided
into 60,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2006]
|
NAME |
HOLDING |
% |
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Mr. Rishi
Mafatlal Kothari Nationality:
Indian Address : Banglampoolang, Klongsarn, |
14,700 |
24.50 |
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Mr.
Anand Jayantilal Kothari Nationality: Indian Address :
304 Mumbai |
14,500 |
24.17 |
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Mrs.
Sumalee Langsanti Nationality
: Thai Address :
5/78 Moo 1, Khokfad,
Nongjok, |
7,650 |
12.75 |
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Mr.
Narong Kongthon Nationality :
Thai Address :
134 Klongtonnua, Wattana,
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7,650 |
12.75 |
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Mr.
Vorapoj Kongdon Nationality
: Thai Address :
99/166 Soi Phaholyothin 50, Anusaovaree, Bangkhen,
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7,650 |
12.75 |
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Mr.
Pichet Kulamorndej Nationality
: Thai Address :
26/2 Soi Manthai,
Klongmahanak, PomprabsattrupAI, |
7,650 |
12.75 |
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Mrs.
Anju Jayantilal Kothari Nationality: Indian Address
: 304 Mumbai |
200 |
0.33 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mrs. Punnee
Sornprachum No. 634
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
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Current Assets |
2005 |
2004 |
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Cash in
hand & at
Bank |
208,207.92 |
1,436,488.25 |
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Trade Accts.
& Notes Receivable |
67,218,065.51 |
23,855,160.37 |
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Inventories |
58,662,582.10 |
72,483,558.03 |
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Other Current
Assets |
934,629.72 |
749.15 |
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Total
Current Assets |
127,023,485.25 |
97,775,955.80 |
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Other Long
Term Investment |
- |
2,039,300.00 |
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Fixed
Assets |
7,845,905.15 |
6,686,413.07 |
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Other
Assets |
2,424,615.40 |
35,000.00 |
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Total
Assets |
137,294,005.80 |
106,536,668.87 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Bank Overdraft
& Short Term
Loan from Financial
Institute |
11,830,160.50 |
- |
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Trade Accts.
Payable |
110,398,901.51 |
87,786,864.32 |
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Short Term
Loan from Related
Person |
4,138,092.41 |
- |
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Other Current
Liabilities |
483,501.23 |
3,205,259.83 |
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Total Current Liabilities |
126,850,655.65 |
90,992,124.15 |
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Total
Liabilities |
126,850,655.65 |
90,992,124.15 |
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Shareholders' Equity |
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Share
capital : Baht 100 par
value authorized,
issued and fully
paid
share capital 60,000
shares |
6,000,000.00 |
6,000,000.00 |
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Capital Paid |
6,000,000.00 |
6,000,000.00 |
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Retained Earning - Unappropriated |
4,443,350.15 |
9,544,544.72 |
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Total Shareholders' Equity |
10,443,350.15 |
15,544,544.72 |
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Total Liabilities &
Shareholders' Equity |
137,294,005.80 |
106,536,668.87 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Operation Income |
201,068,711.36 |
134,411,294.62 |
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Rental Income |
99,000.00 |
- |
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Other Income |
12,766.66 |
5,801.18 |
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Interest Income |
8,778.07 |
30.81 |
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Gain on
Investment |
102,070.00 |
- |
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Gain on
Exchange Rate |
- |
3,279,952.76 |
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Total
Revenues |
201,291,326.09 |
137,697,079.37 |
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Expenses |
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Cost of
Goods Sold |
193,155,223.70 |
124,541,091.28 |
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Selling &
Administrative Expenses |
12,742,892.47 |
6,657,626.70 |
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Total Expenses
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205,898,116.17 |
131,198,717.98 |
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Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
[4,606,790.08] |
6,498,361.39 |
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Interest Expenses |
[494,404.49] |
[101,213.12] |
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Income Tax |
- |
[1,926,246.21] |
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Net
Profit / [Loss] |
[5,101,194.57] |
4,470,902.06 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
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Annual
Growth |
2005 |
2004 |
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Sales |
49.59 |
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Operating |
[147.39] |
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Net Profit |
[214.10] |
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Fixed Assets |
17.34 |
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Total Assets |
28.87 |
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Profitability |
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Cost of
Goods Sold |
96.06 |
92.66 |
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Operating Profit
Margin |
[2.29] |
4.83 |
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S&A expenses |
6.34 |
4.95 |
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Interest |
0.25 |
0.08 |
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Other Revenues |
0.11 |
2.44 |
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Net Profit
Margin |
[2.54] |
3.33 |
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Earning Per
Shares |
[85.02] |
74.52 |
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No. of Shares |
60,000 |
60,000 |
Net Sales was increased by 49.59%, Operating Profit was decreased by 147.39%, Net Profit was decreased by 214.10%, Fixed Assets was increased by 17.34%, Total Assets was increased by 28.87%.
Compare each cost with sales, Cost of Goods Sold was increased from 92.66% to 96.06%, Operating Profit Margin was decreased from 4.83% to -2.29%, S & A Expenses were increased from 4.95% to 6.34%, Interest Paid was increased from 0.08% to 0.25%, Other Revenues was decreased from 2.44% to 0.11%, Net Profit Margin was decreased from 3.33% to -2.54%.
Earning Per Shares was decreased from 74.52 baht per share to-85.02 baht per share.
Liquidity
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Liquidity |
2005 |
2004 |
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Current Ratio |
1.00 |
1.07 |
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Quick
- assets ratio |
0.53 |
0.28 |
Current Ratio was decreased from 1.07 to 1.00, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was increased from 0.28 to 0.53, 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 |
12.15 |
5.85 |
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Times Interest
Earned |
[9.32] |
64.20 |
D/E Ratio was increased from 5.85 to 12.15, 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 64.20 to -9.32, capacity to pay interest paid was not good.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
25.63 |
20.10 |
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Total Assets
Turnover |
1.46 |
1.26 |
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Return on
Assets |
[3.72] |
4.20 |
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Return on
Equity |
[48.85] |
28.76 |
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Day’s Payable |
197.66 |
235.12 |
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Day’s Inventories |
105.03 |
194.14 |
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Days’ Receivables |
120.35 |
63.89 |
Fixed Assets Turnover was increased from 20.10 times to 25.63 times, Total Assets Turnover was increased from 1.26 times to 1.46 times, show the company could use Assets so efficiently, and Return on Assets was decreased from 4.20 to -3.72, Return on Equity was decreased from 28.76 to -48.85, capacity to use Assets to make profit was not good.
Day’s Payable
was decreased from
236 days to
198 days, and
Day’s Inventories was
decreased from 195
days to 106
days, while Day’s
Receivables was increased
from 64 days
to 121 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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