MIRA
INFORM REPORT
|
Report Date : |
28.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NIKITA STAR CO., LTD. |
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Registered Office : |
109/10
Pan Road, Silom, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2005 |
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Com. Reg. No.: |
0105548029346 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in importing, distributing and re-exporting of diamonds and
precious stone. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
NIKITA STAR CO., LTD.
SUMMARY
BUSINESS ADDRESS : 109/10 PAN ROAD, SILOM,
BANGRAK, BANGKOK
10500
TELEPHONE : [66] 2234-5767
FAX : [66] 2234-5767,
2234-5764
E-MAIL ADDRESS : tushidard@yahoo.co.in
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2005
REGISTRATION NO.
: 0105548029346 [Former : 0108454804519]
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. TUSHAR DARDA, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 10
LINES OF
BUSINESS : DIAMONDS
IMPORTER, DISTRIBUTOR AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : EARLY STAGE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on February 28,
2005 as a
private limited company under the name style
NIKITA STAR CO.,
LTD., by Indian
groups. It is
engaged in diamond trading
business. Subject currently
employs approximately 10
staff.
The
subject’s registered address
is 109/10 Pan
Rd., Silom, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Tushar Darda
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Tushar Darda
is the Managing Director.
He is Indian nationality with
the age of
24 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and re-exporting of diamonds and
precious stone.
IMPORT
100%
of the products is imported
from suppliers in
India, Russia and
Belgium.
SALES
Most of the
products are sold
locally by wholesale
to traders and
manufacturers, the remaining
is re-exported to
customers in Hong
Kong, United States
of America 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 bulls are
paid by cash
or on the credit terms
of 30-60 days.
Imports are by
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
EMPLOYMENT
The
subject employs approximately 10 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial area.
COMMENT
The subject
has been in
its business for
two years, however
its sales were
moderate, but still
low due to
the jewelry industry
has been declined
from slow consumption in
domestic market.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000 divided into 40,000 shares of Bht. 100 each with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at
February 28,
2005]
|
NAME |
HOLDING |
% |
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|
|
|
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Mr. Tushar Darda Nationality: Indian Address : 109
Pan Rd., Silom,
Bangrak, Bangkok |
19,600 |
49.00 |
|
Mrs. Noothien Panyapradit Nationality: Thai Address : 272
Moo 15, Changming, Pannanikom, Sakolnakorn |
4,000 |
10.00 |
|
Mr.
Suphachai Rithmontri Nationality: Thai Address : 125/59
Moo 13, Sila, Muang,
Khon Kaen |
4,000 |
10.00 |
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Mr. Ashita Rithmontri Nationality: Thai Address : 505/22
Charoenkrung Rd., Wad
Prayakrai,
Bangkorlaem, Bangkok |
4,000 |
10.00 |
|
Ms.
Supaporn Rithmontri Nationality: Thai Address : 99
Mahaesak Rd., Suriyawongse, Bangrak, Bangkok |
4,000 |
10.00 |
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Mr. Arnond Na-udom Nationality: Thai Address : 505/22
Charoenkrung Rd., Wad
Prayakrai,
Bangkorlaem, Bangkok |
4,000 |
10.00 |
|
Ms. Wasana Gadram Nationality: Thai Address : 99
Mahaesak Rd., Suriyawongse, Bangrak, Bangkok |
400 |
1.00 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO
Ms. Kobkaew Chuaysomboon No. 6026
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
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Cash in hand
& at Bank
|
1,025,299.71 |
2,042,269.01 |
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Trade Accts. Receivable |
1,155,146.10 |
6,784,339.78 |
|
Inventories |
8,779,243.89 |
6,340,190.71 |
|
Short Term Loan
to Related Person |
- |
2,202,621.77 |
|
Other Current Assets
|
410,683.21 |
400,263.58 |
|
Total Current
Assets |
11,370,372.91 |
17,769,684.85 |
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|
|
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Fixed Assets |
16,622.33 |
20,777.91 |
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Total Assets |
11,386,995.24 |
17,790,462.76 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Trade Accts. Payable |
2,522,173.72 |
13,427,394.05 |
|
Short Term Loan
from Person or
Related Company |
4,000,000.00 |
- |
|
Other Current Liabilities |
222,395.93 |
7,914.73 |
|
Total Current
Liabilities |
6,744,569.65 |
13,435,308.78 |
|
Total Liabilities |
6,744,569.65 |
13,435,308.78 |
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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 |
4,000,000.00 |
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
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Retained Earning -
Unappropriated |
642,425.59 |
355,153.98 |
|
Total
Shareholders' Equity |
4,642,425.59 |
4,355,153.98 |
|
Total
Liabilities & Shareholders' Equity |
11,386,995.24 |
17,790,462.76 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales |
22,213,893.11 |
18,880,701.18 |
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Other Income |
725,326.71 |
63,214.19 |
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Total Revenues
|
22,939,219.82 |
18,943,915.37 |
|
Expenses |
|
|
|
|
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Cost of Goods
Sold |
19,889,431.73 |
17,870,760.64 |
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Selling & Administrative Expenses |
2,581,932.68 |
565,791.90 |
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Total Expenses |
22,471,364.41 |
18,436,552.54 |
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Profit / [Loss] Before Income
Tax |
467,855.41 |
507,362.83 |
|
Income Tax |
[180,583.80] |
[152,208.85] |
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Net Profit / [Loss] |
287,271.61 |
355,153.98 |
|
Retained Earning,
beginning of year |
355,153.98 |
- |
|
Retained Earning,
end of year |
642,425.59 |
355,153.98 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
17.65 |
|
|
Operating Profit |
[21.62] |
|
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Net Profit |
[19.11] |
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Fixed Assets |
[20.00] |
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Total Assets |
[35.99] |
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Profitability |
|
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Cost of Good
Sold |
89.54 |
94.65 |
|
Operating Profit Margin |
2.11 |
2.69 |
|
S & A
Expenses |
11.62 |
3.00 |
|
Other Revenues |
3.27 |
0.33 |
|
Net Profit Margin |
1.29 |
1.88 |
|
Earning Per Shares |
7.18 |
8.88 |
|
No. of Shares |
40,000 |
40,000 |
Net Sales was
increased by 17.65%,
Operating Profit was
decreased by 21.62%,
Net Profit was
decreased by 19.11%,
Fixed Assets was
decreased by 20.00%, Total Assets was
decreased by 35.99%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 94.65%
to 89.54%, Operating
Profit Margin was
decreased from 2.69%
to 2.11%, S
& A Expenses
was increased from
3.00% to 11.62%,
Other Revenues was
increased from 0.33%
to 3.27%, Net
Profit Margin was
decreased from 1.88%
to 1.29%.
Earning Per Shares
was decreased from
8.88 baht per
share to 7.18
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.69 |
1.32 |
|
Quick-Assets Ratio |
0.32 |
0.66 |
Current Ratio was
increased from 1.32
to 1.69, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.66 to 0.32,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
1.45 |
3.08 |
D/E Ratio was
decreased from 3.08
to 1.45, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1,336.39 |
908.69 |
|
Total Assets Turnover |
1.95 |
1.06 |
|
Return on Assets |
2.52 |
2.00 |
|
Return on Equity |
6.19 |
8.15 |
|
Day's Payable |
40.87 |
256.02 |
|
Day’s Inventories |
142.28 |
120.89 |
|
Day’s Receivables |
18.72 |
129.36 |
Fixed Assets Turnover
was increased from
908.69 times to
1,336.39 times, Total
Assets Turnover was
increased from 1.06
times to 1.95
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
2.00 to 2.52,
Return on Equity
was decreased from
8.15 to 6.19,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 257
days to 41
days, while Day’s
Inventories was increased
from 121 days
to 143 days, but Day’s
Receivables was decreased
from 130 days
to 19 days.
RATING
EXPLANATIONS
|
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 |
|
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. |
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 |
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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%)