MIRA
INFORM REPORT
|
Report Date : |
27.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
FINE STAR CO., LTD. |
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Registered Office : |
Suit
303, 3rd Floor,
J.K. Building, 4 – 6
Mahaesak 3 Road, Suriyawongse,
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 : |
1993 |
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Com. Reg. No.: |
0105536045147 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and distributor various styles of diamonds and 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 : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name
FINE STAR CO., LTD.
SUMMARY
BUSINESS ADDRESS : SUIT
303, 3rd FLOOR,
J.K. BUILDING,
4-6 MAHAESAK
3 ROAD, SURIYAWONGSE,
BANGRAK,
BANGKOK 10500, THAILAND
TELEPHONE : [66] 2235-2205, 2238-4659
FAX :
[66] 2238-4659
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1993
REGISTRATION NO.
: 0105536045147 [Former : 3639/2536]
CAPITAL
REGISTERED : BHT.
7,000,000
CAPITAL
PAID-UP : BHT. 7,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
NETIN D. BABARIYA,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 4
LINES OF
BUSINESS : DIAMONDS AND JEWELRY PRODUCTS
IMPORTER, DISTRIBUTOR
& EXPORTER
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 April
19, 1993 as
a private limited
company under the
name style FINE
STAR CO., LTD.
by Indian groups,
in order to
be engaged in jewelry
business. It currently
employs 4 staff.
The subject’s registered address
was initially at 8th Floor, Wanglee Building,
297 Surawong Rd.,
Suriyawong, Bangrak, Bangkok 10500.
On February 15,
2006, it was
relocated to 4-6
Mahaesak Rd., Suriyawongse, Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Netin D.
Babariya |
|
Indian |
34 |
|
Mr. Paresh Kumar
Ramesbhai Babriya |
|
Indian |
19 |
|
Mrs. Gulabben Nitin Babariya |
|
Indian |
32 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Netin
D. Babariya is
the Managing Director.
He is Indian nationality with
the age of
34 years old.
BUSINESS OPERATIONS
The
subject’s activities are
importer and distributor various
styles of diamonds and
jewelry products. The subject also
exports Thai jewelry
products to India.
PURCHASE
80% of the products is
imported from India,
and the remaining
20% is purchased from local
suppliers and agents.
SALES [LOCAL]
90% of its products is
sold locally to
manufacturers, and the
remaining 10% is exported
to India and
Hong Kong.
MAJOR CUSTOMERS
Eclats Jewelry Co.,
Ltd. : 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.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
CREDIT
Sales are 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
L/C at sight.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
4 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
Subject still maintains
its good business
despite domestic consumption
of jewelry products
has been gradually
declined. Slow consumption
has resulted to
declined demand of
diamond and precious
stones. However, export
of jewelry products
from Thailand to
international market remains
moderate.
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 November 11, 1993
Bht. 7,000,000
on July 21,
1995
The latest registered
capital was increased
to Bht. 7,000,000
divided into 70,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at
November 7,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Netin
D. Babariya Nationality: Indian Address : 297 Wanglee Building, Surawong Rd.,
Bangrak, Bangkok 10500 |
21,000 |
30.00 |
|
Ms. Yukonthorn Viengseema Nationality: Thai Address : 390
Moo 4, Petchkasem Rd.,
Bangkae,
Pisicharoen, Bangkok 10160 |
10,000 |
14.29 |
|
Ms. Sirinart
Kaniyaw Nationality: Thai Address : 51
Israphap Rd., Somdejchophrya,
Klongsan, Bangkok 10600 |
10,000 |
14.29 |
|
Mr. Narin
Kaniyaw Nationality: Thai Address : 51
Israphap Rd., Somdejchophrya,
Klongsan, Bangkok 10600 |
10,000 |
14.29 |
|
Mrs.
Gulabben Nitin Babariya Nationality: Indian Address : 4-6
Mahaesak 3 Rd.,
Suriyawongse,
Bangrak, Bangkok |
7,700 |
11.00 |
|
Mr. Kanarak Kaniyaw Nationality: Thai Address : 509/225
Moo 1, Suksawad Rd.,
Bangpakok, Rajburana, Bangkok
10140 |
5,700 |
8.13 |
|
Mr. Paresh Kumar
Ramesbhai Babriya Nationality: Indian Address : 4-6
Mahaesak 3 Rd.,
Suriyawongse,
Bangrak, Bangkok |
5,600 |
8.00 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Vasana Tanmongkol
No. 1888
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
355,340.07 |
145,581.94 |
|
Trade Accts. Receivable |
15,194,939.42 |
15,143,732.61 |
|
Inventories |
11,567,159.18 |
15,292,479.15 |
|
Other Current Assets
|
87,000.00 |
87,000.00 |
|
Total Current
Assets |
27,204,438.67 |
30,668,793.70 |
|
|
|
|
|
Fixed Assets |
526,679.99 |
702,901.24 |
|
Other Assets |
40,900.00 |
14,634.48 |
|
Total Assets |
27,772,018.66 |
31,386,329.42 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
14,973,823.11 |
19,912,229.16 |
|
Other Current Liabilities |
304,070.28 |
171,265.39 |
|
Payable Loan Directors |
7,800,000.00 |
7,000,000.00 |
|
Hire-purchase Payable |
194,994.00 |
383,706.00 |
|
Total Current
Liabilities |
23,272,887.39 |
27,467,200.55 |
|
Total Liabilities |
23,272,887.39 |
27,467,200.55 |
|
|
|
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Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 70,000 shares |
7,000,000.00 |
7,000,000.00 |
|
Capital Paid |
7,000,000.00 |
7,000,000.00 |
|
Retained Earning -
Unappropriated |
[2,500,868.73] |
[3,080,871.13] |
|
Total
Shareholders' Equity |
4,499,131.27 |
3,919,128.87 |
|
Total
Liabilities & Shareholders' Equity |
27,772,018.66 |
31,386,329.42 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
32,121,113.39 |
31,978,420.67 |
|
Interest Income |
46.98 |
26.20 |
|
Gain on Exchange
Rate |
1,819,196.04 |
- |
|
Other |
0.12 |
- |
|
Total Revenues
|
33,940,356.53 |
31,978,446.87 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
31,517,211.83 |
30,319,586.73 |
|
Selling & Administrative Expenses |
1,594,569.84 |
2,617,462.40 |
|
Loss on Exchange Rate |
- |
999,456.49 |
|
Total Expenses |
33,111,781.67 |
33,936,505.62 |
|
Profit / [Loss] Before Income
Tax |
828,574.86 |
[1,958,058.75] |
|
Income Tax |
[248,572.46] |
- |
|
Net Profit / [Loss] |
580,002.40 |
[1,958,058.75] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
0.45 |
|
|
Operating Profit |
[186.05] |
|
|
Net Profit |
129.62 |
|
|
Fixed Assets |
[25.07] |
|
|
Total Assets |
[11.52] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
98.12 |
94.81 |
|
Operating Profit Margin |
2.58 |
[3.00] |
|
S & A
Expenses |
4.96 |
8.19 |
|
Other Revenues |
5.66 |
0.00 |
|
Net Profit Margin |
1.81 |
[6.12] |
|
Earning Per Shares |
8.29 |
[27.97] |
|
No. of Shares |
70,000 |
70,000 |
Net Sales was
increased by 0.45%,
Operating Profit was
decreased by 186.05%,
Net Profit was
increased by 129.62%,
Fixed Assets was
decreased by 25.07%,
Total Assets was
decreased by 11.52%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 94.81%
to 98.12%, Operating
Profit Margin was
increased from -3.00%
to 2.58%, S
& A Expenses
was decreased from
8.19% to 4.96%,
Other Revenues was
increased from 0.00%
to 5.66%, Net
Profit Margin was
increased from -6.12%
to 1.81%.
Earning Per Shares
was increased from
-27.97 baht per
share to 8.29
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.17 |
1.12 |
|
Quick-Assets Ratio |
0.67 |
0.56 |
Current Ratio was
increased from 1.12
to 1.17, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.56 to 0.67,
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 |
5.17 |
7.01 |
D/E Ratio was
decreased from 7.01
to 5.17, 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 |
60.99 |
45.49 |
|
Total Assets Turnover |
1.16 |
1.02 |
|
Return on Assets |
2.09 |
[6.24] |
|
Return on Equity |
12.89 |
[49.96] |
|
Day's Payable |
167.82 |
224.16 |
|
Day’s Inventories |
129.64 |
172.16 |
|
Day’s Receivables |
170.30 |
170.48 |
Fixed Assets Turnover
was increased from
45.49 times to
60.99 times, Total
Assets Turnover was
increased from 1.02
times to 1.16 times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-6.24 to 2.09,
Return on Equity
was increased from
-49.96 to 12.89,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 225
days to 168
days, and Day’s
Inventories was decreased
from 173 days
to 130 days, while Day’s
Receivables was stable
at 171 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%)