MIRA
INFORM REPORT
|
Report Date : |
26.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PADMAVATI DIAMONDS CO., LTD. |
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Registered Office : |
Unit 2, 14th Floor, Bangkok Gem & Jewellery Building, 322/24 Surawong Road, Siphya,
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 : |
1994 |
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Com. Reg. No.: |
0105537072351 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in importing
and distributing various
kinds of gemstones
and diamonds for
jewelry industry. |
RATING &
COMMENTS
|
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 : |
No Complaints |
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Litigation : |
Clear |
name
PADMAVATI DIAMONDS CO., LTD.
SUMMARY
BUSINESS ADDRESS : UNIT
2, 14th FLOOR,
BANGKOK
GEM & JEWELLERY
BUILDING,
322/24
SURAWONG ROAD, SIPHYA,
BANGRAK, BANGKOK 10500
TELEPHONE : [66] 2267-1198
FAX : [66] 2267-1211
E-MAIL ADDRESS : vnsah21@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO.
: 0105537072351 [Former : 1621/2537]
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.
VIPUL KUMAR NAVIN
CHANDRA SHAH, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 5
LINES OF BUSINESS : DIAMONDS
IMPORTER AND
DISTRIBUTOR
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 June 27, 1994 as a private limited company under the name style PADMAVATI DIAMONDS CO., LTD. by Thai and Indian groups, in order to import and distribute diamonds to local jewelry industry. It currently employs 5 staff.
The
subject’s registered address
is Unit 2,
14th Floor, Bangkok
Gem & Jewellery
Building, 322/24 Surawong
Rd., Siphya, Bangrak,
Bangkok 10500, and
this is the
company’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
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Mr. Vipul Kumar
Navin Chandra Shah |
Indian |
40 |
|
Mr. Sanket Bharatkumar Shah |
Indian |
23 |
|
Mr. Pankaj Vahalchand Chhatrani |
Indian |
- |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Vipul
Kumar Navin Chandra
Shah is the Managing Director.
He is Indian nationality with
the age of
40 years old.
BUSINESS OPERATIONS
The subject is engaged
in importing and
distributing various kinds
of gemstones and
diamonds for jewelry
industry.
IMPORT [COUNTRIES]
100% of the products is imported from
India, Hong Kong,
Belgium, South Africa
and Belgium.
MAJOR SUPPLIER
Padmavati Gems Ltd. : India
SALES [LOCAL]
The products are
sold by wholesale
to traders and
jewelry manufactures in
Thailand.
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.
Imports are by
L/C at sight or T/T
on negotiated term.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 5 staff.
LOCATION DETAILS
The premise is rented for administrative office at the heading address. Premise is located in a prime commercial area.
COMMENT
Consumption of diamonds
from jewelry industry
remains strong not
for local consumer,
but exports. The subject’s
business has steadily
grown despite decline
domestic consumption due
to jewelry producers
for export markets
still has strong
potential.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100 each.
The capital was
increased later as
follows:
Bht. 4,000,000
on May 8,
1996
Bht. 6,000,000
on November 3,
2004
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
November 2,
2004]
|
NAME |
HOLDING |
% |
|
|
|
|
Mr. Vipul Kumar
Navin Chandra Shah
Nationality : Indian Address : 322/29
Surawong Rd., Siphya,
Bangrak,
Bangkok 10500 |
14,000 |
23.33 |
Mr. Jirich Vahalchand Shah
Nationality : Indian Address : India
|
11,000 |
18.33 |
Ms. Pakpichapat Prommin
Nationality : Thai Address :
322/29 Surawong Rd.,
Siphya, Bangrak,
Bangkok 10500 |
8,040 |
13.40 |
Ms. Sopa Boonpok
Nationality : Thai Address : 322/29
Surawong Rd., Siphya,
Bangrak,
Bangkok 10500 |
8,000 |
13.33 |
Mrs. Chongnang Saleeviang
Nationality : Thai Address : 37/4
Moo 10, Bangklong, Muang,
Pisanuloke Province |
8,000 |
13.33 |
|
Mr. Kampol
Muangnil Nationality : Thai Address : 109/155
Moo 4, Dokkhamtai, Maesai,
Chiengrai Province |
6,200 |
10.33 |
Mr. Pankaj Vahalchand Chhatrani
Nationality : Indian Address : 322/29
Surawong Rd., Siphya,
Bangrak,
Bangkok 10500 |
4,760 |
7.95 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Suchada Narkyoi
No. 6918
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
|
2,051,747.41 |
180,138.60 |
|
Trade Accounts Receivable |
26,264,504.10 |
5,991,102.23 |
|
Inventories |
9,028,052.00 |
6,894,231.90 |
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|
|
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Total Current
Assets |
37,344,303.51 |
13,065,472.73 |
|
Fixed Assets |
20,626.56 |
40,646.16 |
|
Total Assets |
37,364,930.07 |
13,106,118.89 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
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|
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Trade Accounts Payable |
29,455,485.85 |
5,459,694.61 |
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Other Current Liabilities |
176,339.49 |
183,878.09 |
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Total Current
Liabilities |
29,631,825.34 |
5,643,572.70 |
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Total Liabilities |
29,631,825.34 |
5,643,572.70 |
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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 |
1,733,104.74 |
1,462,546.19 |
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Total
Shareholders' Equity |
7,733,104.74 |
7,462,546.19 |
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Total
Liabilities & Shareholders' Equity |
37,364,930.07 |
13,106,118.89 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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|
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Sales |
68,708,850.81 |
33,141,034.71 |
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Other Income |
302,783.40 |
267,276.45 |
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Total Revenues
|
69,011,634.21 |
33,408,311.16 |
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Expenses |
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Cost of Goods
Sold |
65,246,329.04 |
29,788,304.65 |
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Selling & Administrative Expenses |
3,279,587.20 |
3,288,103.75 |
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Total Expenses |
68,525,916.24 |
33,076,408.40 |
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Profit / [Loss] before Income Tax |
485,717.97 |
331,902.76 |
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Income Tax |
[215,159.43] |
[212,098.89] |
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Net Profit / [Loss] |
270,558.54 |
119,803.87 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
107.32 |
|
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Operating Profit |
[29.41] |
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Net Profit |
125.83 |
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Fixed Assets |
[49.25] |
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Total Assets |
185.10 |
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Profitability |
|
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Cost of Good
Sold |
94.96 |
89.88 |
|
Operating Profit Margin |
0.71 |
1.00 |
|
S & A
Expenses |
4.77 |
9.92 |
|
Other Revenues |
0.44 |
0.81 |
|
Net Profit Margin |
0.39 |
0.36 |
|
Earning Per Shares |
4.51 |
2.00 |
|
No. of Shares |
60,000 |
60,000 |
Net Sales was
increased by 107.32%,
Operating Profit was
decreased by 29.41%,
Net Profit was
increased by 125.83%,
Fixed Assets was
decreased by 49.25%,
Total Assets was
increased by 185.10%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 89.88%
to 94.96%, Operating
Profit Margin was
decreased from 1.00%
to 0.71%, S
& A Expenses
was decreased from
9.92% to 4.77%,
Other Revenues was
decreased from 0.81%
to 0.44%, Net
Profit Margin was
increased from 0.36%
to 0.39%.
Earning Per Shares
was increased from
2.00 baht per
share to 4.51
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.26 |
2.32 |
|
Quick-Assets Ratio |
0.96 |
1.09 |
Current Ratio was
decreased from 2.32
to 1.26, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.09 to 0.96,
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 |
3.83 |
0.76 |
D/E Ratio was
increased from 0.76
to 3.83, show
the company had
fund from Loan
more than fund from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
3,331.09 |
815.35 |
|
Total Assets Turnover |
1.84 |
2.53 |
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Return on Assets |
0.72 |
0.91 |
|
Return on Equity |
3.50 |
1.61 |
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Day's Payable |
154.33 |
59.31 |
|
Day’s Inventories |
47.30 |
74.89 |
|
Day’s Receivables |
137.61 |
65.08 |
Fixed Assets Turnover
was increased from
815.35 times to
3,331.09 times, Total
Assets Turnover was
decreased from 2.53
times to 1.84
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 0.91 to
0.72, Return on
Equity was increased
from 1.61 to
3.50, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 60
days to 155
days, while Day’s
Inventories was decreased
from 75 days
to 48 days, but Day’s
Receivables was increased
from 66 days
to 138 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 |
|
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%)