MIRA
INFORM REPORT
|
Report Date : |
26.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SAWASDEE DIAMONDS CO., LTD. |
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Registered Office : |
6 Soi Prachum,
Surawong Road, T. Suriyawongse, A. 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 : |
1989 |
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Com. Reg. No.: |
0105532096227 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in trading
gemstone and diamond
jewelry products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name
SAWASDEE DIAMONDS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 6
SOI PRACHUM, SURAWONG
ROAD,
T.
SURIYAWONGSE, A. BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2234-8401, 2237-5925
FAX : [66] 2237-1665
E-MAIL ADDRESS : swasdee-sodsri@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO.
: 0105532096227
CAPITAL
REGISTERED : BHT. 15,000,000
CAPITAL
PAID-UP : BHT. 15,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. RIKABRAJ KOTHARI,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 5
LINES OF
BUSINESS : JEWELRY TRADING BUSINESS
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 October
10, 1989 as
a private limited
company under the name
style SAWASDEE DIAMONDS
CO., LTD., by
Thai and Indian
groups, in order
to be engaged in jewelry
trading business. It
currently employs 5
staff.
The
subject’s registered address
is 6 Soi Prachum, Surawong
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Rikabraj Kothari |
|
Indian |
41 |
|
Mr. Ashish Khabia |
|
Indian |
29 |
|
Ms. Sodsri Chaiyakhan |
|
Thai |
44 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Rikabraj Kothari
is the Managing Director.
He is Thai nationality with
the age of
41 years old.
BUSINESS OPERATIONS
The subject is
engaged in trading
gemstone and diamond
jewelry products.
PURCHASE
Most of raw
materials and components
are purchased from
local suppliers, and
the remaining is
imported from India.
SALES
The products are
sold and serviced
to customers both
local and overseas,
mainly in India,
Hong Kong and
U.S.A.
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
T/T.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 5
staff
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a prime
commercial area.
COMMENT
Jewelry
business has been
slowing down from
economic uncertainty, as
well as decline
consumption and low
purchasing power.
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 March 13,
1996
Bht. 12,000,000
on November 12,
1996
Bht. 15,000,000
on October 4,
2004
The
latest registered capital
was increased to
Bht. 15,000,000 divided into
150,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at
April 30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Sodsri Chaiyakhan Nationality: Thai Address : 11/612
Moo 7, Bangkae,
Bangkok |
50,000 |
33.33 |
|
Mr.
Rikabraj Kothari Nationality: Indian Address : 6
Surawong Rd., Surawongse, Bangrak, Bangkok |
40,000 |
26.66 |
|
Mrs.
Shankeeta Kothari Nationality: Indian Address : 6
Surawong Rd., Surawongse, Bangrak, Bangkok |
20,000 |
13.33 |
|
Mrs. Somrak Pateeyawong Nationality: Thai Address : 151/40
Ladya Rd., Somdejchaoprya,
Klongsan, Bangkok |
10,000 |
6.67 |
|
Ms. Rattana Sawliew Nationality: Thai Address : 128/60
Sathupradit Rd., Tungwatdon,
Sathorn, Bangkok |
10,000 |
6.67 |
|
Ms. Naree Luengchanakul Nationality: Thai Address : 4
Moo 5, Bansuan,
Muang, Chonburi |
10,000 |
6.67 |
|
Mr. Charan Chiewsakul Nationality: Thai Address : 19/21
Bukkalo Rd., Thonburi,
Bangkok |
10,000 |
6.67 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Prasit Pibulwong No.
1538
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
[note 1] |
183,593.68 |
729,753.98 |
|
Trade Accts. Receivable |
4,644,567.48 |
936,379.79 |
|
Inventories |
13,537,345.00 |
12,830,280.00 |
|
Total Current
Assets |
18,365,506.16 |
14,496,413.77 |
|
|
|
|
|
Fixed Assets [note 2] |
14,896,885.54 |
14,882,975.37 |
|
Other Assets |
20,552.50 |
20,552.50 |
|
Total Assets |
33,282,944.20 |
29,399,941.64 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
4,859,956.04 |
2,162,438.52 |
|
Current Portion of Long
Term Loans |
997,200.00 |
997,200.00 |
|
Other Current Liabilities |
128,941.30 |
155,281.76 |
|
Total Current
Liabilities |
5,986,097.34 |
3,314,920.28 |
|
Long Term Loan
from Related Person |
7,100,000.00 |
5,469,993.00 |
|
Other Long Term
Loan |
8,097,241.90 |
8,733,483.65 |
|
Total Liabilities |
21,183,339.24 |
17,518,396.93 |
|
|
|
|
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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 |
99,604.96 |
[118,455.29] |
|
Total
Shareholders' Equity |
12,099,604.96 |
11,881,544.71 |
|
Total
Liabilities & Shareholders' Equity |
33,282,944.20 |
29,399,941.64 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
14,285,493.47 |
18,179,350.84 |
|
Other Income |
637,312.38 |
1.00 |
|
Total Revenues
|
14,922,805.85 |
18,179,351.84 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
11,839,315.63 |
15,458,070.02 |
|
Selling & Administrative Expenses |
2,393,927.37 |
2,722,017.79 |
|
Total Expenses |
14,233,243.00 |
18,180,087.81 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
689,562.85 |
[735.97] |
|
Interest Expenses |
[360,958.25] |
[146,183.65] |
|
Income Tax |
[110,544.35] |
[130,376.89] |
|
Net Profit / [Loss] |
218,060.25 |
[277,296.51] |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at Bank
|
|
2006 |
2005 |
|
|
|
|
|
Cash in hand |
88,509.04 |
56,154.22 |
|
Cash at bank |
95,084.64 |
673,599.76 |
|
Total
|
183,593.68 |
729,753.98 |
NOTE 2
Fixed Assets
|
|
2006 |
2005 |
|
|
|
|
|
Land |
14,700,000.00 |
14,700,000.00 |
|
Office Equipment |
42,618.24 |
42,618.24 |
|
Office Automation |
173,075.45 |
115,107.69 |
|
Office Furniture |
67,128.23 |
67,128.23 |
|
Total |
14,982,821.92 |
14,924,854.16 |
|
Less: Depreciation |
[85,936.38] |
[41,878.79] |
|
Total
|
14,896,885.57 |
14,882,975.37 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[21.42] |
|
|
Operating Profit |
[119,333.11] |
|
|
Net Profit |
178.64 |
|
|
Fixed Assets |
0.09 |
|
|
Total Assets |
13.21 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
82.88 |
85.03 |
|
Operating Profit Margin |
4.83 |
[0.00] |
|
S & A
Expenses |
16.76 |
14.97 |
|
Interest Paid |
2.53 |
0.80 |
|
Other Revenues |
4.46 |
0.00 |
|
Net Profit Margin |
1.53 |
[1.53] |
|
Earning Per Shares |
1.82 |
[2.31] |
|
No. of Shares |
120,000 |
120,000 |
Net Sales was
decreased by 21.42%,
Operating Profit was
decreased by 119,333.10%, Net Profit was increased by
178.64%, Fixed Assets
was increased by
0.09%, Total Assets
was increased by
13.21%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 85.03%
to 82.88%, Operating
Profit Margin was
increased from 0.00%
to 4.83%, S
& A Expenses
was increased from
14.97% to 16.76%,
Interest Paid was increased
from 0.80% to
2.53%, Other Revenues
was increased from
0.00% to 4.46%,
Net Profit Margin
was increased from
-1.53% to 1.53%.
Earning Per Shares
was increased from
-2.31 baht per
share to 1.82
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
3.07 |
4.37 |
|
Quick-Assets Ratio |
0.81 |
0.50 |
Current Ratio was
decreased from 4.37
to 3.07, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.50 to 0.81,
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 |
1.75 |
1.47 |
|
Times Interest Earned |
1.91 |
[0.01] |
D/E Ratio was increased from 1.47
to 1.75, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
-0.01 to 1.91,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
0.96 |
1.22 |
|
Total Assets Turnover |
0.43 |
0.62 |
|
Return on Assets |
0.66 |
[0.94] |
|
Return on Equity |
1.80 |
[2.33] |
|
Day's Payable |
122.47 |
42.82 |
|
Day’s Inventories |
341.15 |
254.07 |
|
Day’s Receivables |
117.04 |
18.54 |
Fixed Assets Turnover
was decreased from
1.22 times to
0.96 times, Total
Assets Turnover was
decreased from 0.62
times to 0.43
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from -0.94 to
0.66, Return on
Equity was increased
from -2.33 to
1.80, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 43
days to 123
days, Day’s Inventories
was increased from
255 days to
342 days, and
Day’s Receivables was
increased from 19
days to 118
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. |
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%)