MIRA
INFORM REPORT
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Report Date : |
10.08.2007 |
IDENTIFICATION DETAILS
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Name : |
RAJ DIAM CO., LTD |
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Registered Office : |
Unit 16 A, 11TH Floor, Bangkok Gems & Jewellery, Tower, 322/16 Surawong Road, Suriyawongse, Bangrak, Bangkok 10500 |
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Country : |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
04.11.1992 |
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Com. Reg. No.: |
0105535149453
[Former : 14248/2535] |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importing and Distributing of
fine diamond, jewelry
and gemstones |
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 : |
-- |
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Litigation : |
Clear |
COMPANY NAME
RAJ DIAM CO., LTD.
SUMMARY
BUSINESS ADDRESS : UNIT 16 A,
11th FLOOR,
TOWER,
BANGRAK,
TELEPHONE : [66] 2238-1663
FAX : [66] 2238-1662
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1992
REGISTRATION NO. : 0105535149453 [Former : 14248/2535]
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. KAIRAV DILIP SHAH, INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 4
LINES OF BUSINESS : JEWELRY AND GEMSTONES
IMPORTER AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION :
GOOD WITH
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The subject was established on November 4, 1992 as a private limited company by Thai and Indian groups, under the name style RAJ DIAM CO., LTD., with the business objective to import and distribute jewelry and gemstones. It currently employs 4 staff.
The subject’s registered address is 322/16 Surawong Rd., Suriyawongse, Bangrak, Bangkok 10500, and this is the subject’s current operation address.
THE BOARD
OF DIRECTORS
Name Nationality Age
Mr. Kairav Dilip Shah Indian 41
Mr. Deepak Rasikbhai Jogani Indian 43
AUTHORIZED PERSON
One of the above directors can sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Kairav Dilip Shah is the Managing Director.
He is Indian nationality with the age of 41 years old.
BUSINESS OPERATIONS
The subject is engaged in importing and distributing of fine diamond, jewelry and gemstones.
PURCHASE
The products is purchased from suppliers both in domestic and overseas, mainly India and South Africa.
SALES
100% of the products is sold locally by wholesale to jewelry manufacturers and traders.
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 negotiated terms.
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.
BANKING
Banker’s name was not disclosed.
EMPLOYMENT
The subject employs 4 staff.
LOCATION DETAILS
The premise is rented for administrative office at the heading address. Premise is located in a prime commercial area.
COMMENT
Growth of diamond and gemstones in domestic market is likely slowdown from economic uncertainty. Local consumption has been declined since the beginning of this year, moreover the export markets is also stagnant.
Subject’s operating performance
is fair, but business
trend is quite
slow.
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 16, 1993
Bht. 6,000,000 on April 2, 2002
The latest registered 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
March 26, 2007]
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NAME |
HOLDING |
% |
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Mr. Kailiv Dilip Shah Nationality: Indian Address :
Bangrak, |
15,000 |
25.00 |
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Mr. Deepak Rasibhai Jogani Nationality: Indian Address : |
14,400 |
24.00 |
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Mrs. Mariam Mahaklan Nationality: Thai Address :
Thanon Petchburi, Rajthewee,
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6,600 |
11.00 |
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Mr. Anucha Kasun Nationality: Thai Address :
Thanon Petchburi, Rajthewee,
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6,000 |
10.00 |
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Ms. Wasana Wangjaisuk Nationality: Thai Address :
Thanon Petchburi, Rajthewee,
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6,000 |
10.00 |
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Mr. Krisada Mahaklan Nationality: Thai Address :
Thanon Petchburi, Rajthewee,
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6,000 |
10.00 |
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Ms. Kalaya Nookong Nationality: Thai Address : 30 Moo 3, Paraka, Pakpanang, Nakornsrithammarat |
6,000 |
10.00 |
Total Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO
Mrs. Wasana Tanmongkol No. 1888
BALANCE SHEET [BAHT]
The latest financial figures published as at December 31, 2006 & 2005 were:
ASSETS
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Current Assets |
2006 |
2005 |
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Cash in hand & at Bank |
1,024,254.02 |
525,861.71 |
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Trade Accts. Receivable |
2,778,659.81 |
4,867,647.81 |
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Inventories |
6,751,335.49 |
912,877.00 |
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Other Current Assets |
1,340,070.72 |
2,322,070.72 |
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Total Current Assets |
11,894,320.04 |
8,628,457.24 |
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Fixed Assets |
64,573.92 |
76,523.56 |
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Other Assets |
23,727.27 |
2,727.27 |
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Total Assets |
11,982,621.23 |
8,707,708.07 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
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Current Liabilities |
2006 |
2005 |
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Trade Accts. & Notes Payable |
6,189,445.02 |
3,140,221.70 |
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Other Current Liabilities |
76,135.41 |
51,169.92 |
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Total Current Liabilities |
6,265,580.43 |
3,191,391.62 |
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Total Liabilities |
6,265,580.43 |
3,191,391.62 |
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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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Unappropriated [Deficit] |
[282,959.20] |
[483,683.55] |
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Total Shareholders' Equity |
5,717,040.80 |
5,516,316.45 |
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Total Liabilities & Shareholders' Equity |
11,982,621.23 |
8,707,708.07 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales - Domestic |
11,923,374.44 |
9,333,752.49 |
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Sales - Overseas |
- |
453,303.41 |
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Other Income |
64,317.66 |
9,440.86 |
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Total Revenues |
11,987,692.10 |
9,796,496.76 |
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Expenses |
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Cost of Goods Sold |
10,671,980.88 |
8,714,240.60 |
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Selling & Administrative Expenses |
1,027,540.66 |
888,988.69 |
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Total Expenses |
11,699,521.54 |
9,603,229.29 |
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Profit / [Loss] before Income Tax |
288,170.56 |
193,267.47 |
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Income Tax |
[87,446.21] |
[59,401.92] |
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Net Profit / [Loss] |
200,724.35 |
133,865.55 |
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Retained Earning [Deficit], beginning of year |
[483,683.55] |
[617,549.10] |
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Retained Earning [Deficit], end of year |
[282,959.20] |
[483,683.55] |
FINANCIAL ANALYSIS
Annual Growth & Profitability
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Annual Growth |
2006 |
2005 |
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Net Sales |
21.83 |
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Operating Profit |
22.39 |
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Net Profit |
49.94 |
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Fixed Assets |
[15.62] |
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Total Assets |
37.61 |
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Profitability |
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Cost of Good Sold |
89.50 |
89.04 |
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Operating Profit Margin |
2.42 |
1.97 |
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S & A Expenses |
8.62 |
9.08 |
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Other Revenues |
0.54 |
0.10 |
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Net Profit Margin |
1.68 |
1.37 |
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Earning Per Shares |
3.35 |
2.23 |
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No. of Shares |
60,000 |
60,000 |
Net Sales was increased by 21.83%, Operating Profit was increased by 22.39%, Net Profit was increased by 49.94%, Fixed Assets was decreased by 15.62%, Total Assets was increased by 37.61%.
Compare each cost with sales, Cost of Good Sold was increased from 89.04% to 89.50%, Operating Profit Margin was increased from 1.97% to 2.42%, S & A Expenses was decreased from 9.08% to 8.62%, Other Revenues was increased from 0.10% to 0.54%, Net Profit Margin was increased from 1.37% to 1.68%.
Earning Per Shares was increased from 2.23 baht per share to 3.35 baht per share.
Liquidity
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Liquidity |
2006 |
2005 |
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Current Ratio |
1.90 |
2.70 |
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Quick-Assets Ratio |
0.61 |
1.69 |
Current Ratio was decreased from 2.70 to 1.90, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, Quick-Assets Ratio was decreased from 1.69 to 0.61, 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 |
2006 |
2005 |
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D/E Ratio |
1.10 |
0.58 |
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0.00 |
0.00 |
D/E Ratio was increased from 0.58 to 1.10, show the company had fund from Loan more than fund from Equity, investment risked of the company is medium.
Efficiency
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Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
184.65 |
127.90 |
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Total Assets Turnover |
1.00 |
1.12 |
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Return on Assets |
1.68 |
1.54 |
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Return on Equity |
3.51 |
2.43 |
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Day's Payable |
186.88 |
115.51 |
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Day’s Inventories |
203.84 |
33.58 |
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Day’s Receivables |
83.90 |
179.05 |
Fixed Assets Turnover was increased from 127.90 times to 184.65 times, Total Assets Turnover was decreased from 1.12 times to 1.00 times, show the company could use Fixed Assets so efficiently, Return on Assets was increased from 1.54 to 1.68, Return on Equity was increased from 2.43 to 3.51, capacity to use Assets to make profit was good.
Day's Payable was increased from 116 days to 187 days, and Day’s Inventories was increased from 34 days to 204 days, while Day’s Receivables was decreased from 180 days to 84 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. |
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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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%)