MIRA
INFORM REPORT
|
Report Date : |
28.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SIGNATURE IMPEX CO., LTD. |
|
|
|
|
Formerly Known As : |
BHARGAV GEMS CO., LTD. |
|
|
|
|
Registered Office : |
40/2
Soi 31, Sukhapibal 2 Road, Dokmai, Pravet,
Bangkok 10250 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
1996 |
|
|
|
|
Com. Reg. No.: |
0105539075349 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in importing
and distributing diamonds
and gemstones for
jewelry production business,
as well as
exporting of precious,
semi-precious stone &
jewelry products to
worldwide market. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name
SIGNATURE IMPEX CO., LTD.
FORMER
BHARGAV GEMS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 40/2
SOI 31, SUKHAPIBAL
2 ROAD,
DOKMAI, PRAVET,
BANGKOK 10250
TELEPHONE : [66] 2727-0297
FAX : [66] 2727-0298
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1996
REGISTRATION NO.
: 0105539075349 [Former : 1526/2539]
CAPITAL
REGISTERED : BHT.
32,000,000
CAPITAL
PAID-UP : BHT.
32,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
NILESH KUMAR BHOLABHAI
PATEL, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 12
LINES OF
BUSINESS : DIAMONDS & JEWELRY PRODUCTS
TRADER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The
subject was established
on July 8,
1996 as a
private limited company under the registered name
BHARGAV GEMS CO., LTD., by Indian group, in
order to operate as a jewelry trader.
On
May 27, 2005,
subject was changed
its name to
be SIGNATURE IMPEX
CO., LTD. It
currently employs 12
staff.
The
subject’s registered address
was initially located
at 7/6 Soi Suwansawat, Rama 4 Rd.,
Thungmahamek, Sathorn, Bangkok
10120.
On
May 9, 2004, it was
located to 1535/108
Chan Rd., Thungwatdon, Sathorn, Bangkok 10120.
On
June 6, 2007,
the registered and
operation address was
relocated to 40/2
Soi 31, Sukhapibal
2 Rd., Dokmai, Pravet, Bangkok
10250.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nilesh Kumar
Bholabhai Patel |
|
Indian |
28 |
|
Mr. Chailesh Kumar Gasanbai
Meenani |
|
Indian |
30 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Nilesh
Kumar Bholabhai Patel
is
the Managing Director.
He is Indian nationality with
the age of
28 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing diamonds
and gemstones for
jewelry production business,
as well as
exporting of precious,
semi-precious stone &
jewelry products to
worldwide market.
IMPORT
Diamonds and gemstones are imported
from India, Sri
Lanka, Belgium and
Russia.
SALES
Its
products are sold
by wholesale to
both domestic market
and overseas in
Germany, France, Belgium,
Canada, Switzerland, Italy,
Hong Kong, Singapore and
Taiwan.
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 on negotiated term.
Exports
are against L/C
at sight or
T/T on negotiated term.
BUSINESS TRANSACTION
The
products are sold
by cash and
credit, with the maximum credit
given at 30-60 days. The subject
is found to have some delay payment from customer,
but they can
negotiate.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The
subject employs 12
staff [office and sales staff].
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address. Premise
is located in commercial/residential area.
COMMENT
Diamonds and gem
stones especially from India, Sri Lanka
and Pakistan are very popular among Thai consumers due to their prices are
lower than those from Belgium of South Africa. Middle-end jewelry products are
mostly used diamonds from India as its quality and prices can be afforded middle
income earners. The subject’s operating
performance is considered satisfactory and the
business is growing
steadily. The subject anticipates
its business have
a bright prospect.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
4,000,000 divided into 40,000 shares of Bht. 100 each.
The
capital was increased
later as follows:
Bht. 6,000,000
on December 13,
2001
Bht.
20,000,000 on December 19, 2002
Bht.
32,000,000 on April 11, 2006
The
latest registered capital
was increased to
Bht. 32,000,000 divided
into 320,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
: [as at
April 30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nilesh
Kumar Bholabhai Patel Nationality: Indian Address : 12
Nanee Nakar, A.K. Rd.,
Suraj, India |
129,800 |
40.56 |
|
Mr.
Bholabhai Bagerbhai Patel Nationality: Indian Address : Tadesh
Rd., Mumbhai, India |
81,600 |
25.50 |
|
Mrs.
Jayaben Bholabhai Patel Nationality: Indian Address : Tadesh
Rd., Mumbhai, India |
40,800 |
12.75 |
|
Mr.
Waichalee Nilesh Patel Nationality: Indian Address : Tadesh
Rd., Mumbhai, India |
38,800 |
12.12 |
|
Mr. Behagay
Kumar Bholabhai Patel Nationality: Indian Address : 12
Nanee Nakar, A.K. Rd.,
Suraj, India |
25,000 |
7.81 |
|
Mr. Zailesh
Kumar Kasanbhai Beemani Nationality: Indian Address : 72
Waraja Rd., Suraj,
India |
2,000 |
0.63 |
|
Mrs. Chinpa
Kumari Shilesh Kumar
Beemani Nationality: Indian Address : 72
Waraja Rd., Suraj,
India |
2,000 |
0.63 |
Total Shareholder
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Vimol Suthitivanich No.
7840
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand & at Bank |
239,844.51 |
468,609.16 |
|
Trade Accts. Receivable |
73,681,039.02 |
27,179,998.68 |
|
Inventories |
186,792,970.97 |
166,547,837.08 |
|
Other Current Assets |
293,379.66 |
441,027.19 |
|
Total Current
Assets |
261,007,234.16 |
194,637,472.11 |
|
|
|
|
|
Fixed Assets |
28,174,934.84 |
26,360,920.24 |
|
Other Assets |
26,100.00 |
256,210.34 |
|
Total Assets |
289,208,269.00 |
221,254,602.69 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft |
173,944.25 |
- |
|
Trade Accts. Payable & Postdated Cheque |
223,322,753.04 |
155,728,601.57 |
|
Current Portion of
Hire-purchase Contract Liabilities |
308,763.48 |
- |
|
Accrued Expenses |
4,460,701.42 |
4,284,999.79 |
|
Other Current Liabilities |
136,272.98 |
251,627.46 |
|
Total Current
Liabilities |
228,402,435.17 |
160,265,228.82 |
|
Long Term Loan
from Financial Institute |
16,614,480.64 |
18,300,000.00 |
|
Long Term Loan from
Related Person |
11,291,432.13 |
22,736,942.98 |
|
Hire-purchase Contract Liabilities Net of Current Portion |
591,796.67 |
- |
|
Other Liabilities |
41,100.00 |
28,500.00 |
|
Total Liabilities |
256,941,244.61 |
201,330,671.80 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 32000 & 200,000 shares in 2006 & 2005 |
32,000,000.00 |
20,000,000.00 |
|
Capital Paid |
32,000,000.00 |
20,000,000.00 |
|
Retained Earning -
Unappropriated |
267,024.39 |
[76,069.11] |
|
Total
Shareholders' Equity |
32,267,024.39 |
19,923,930.89 |
|
Total
Liabilities & Shareholders' Equity |
289,208,269.00 |
221,254,602.69 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
196,050,306.01 |
68,221,082.31 |
|
Other Income |
4,021,998.52 |
221,818.45 |
|
Total Revenues
|
200,072,304.53 |
68,442,900.76 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
190,690,491.83 |
63,692,855.85 |
|
Selling & Administrative Expenses |
7,458,592.10 |
4,218,906.30 |
|
Total Expenses |
198,149,083.93 |
67,911,762.15 |
|
Profit Before Interest
Expenses & Income Tax |
1,923,220.60 |
531,138.61 |
|
Interest Expenses |
[1,377,561.68] |
[182,348.91] |
|
Income Tax |
[202,565.42] |
[106,622.01] |
|
Net Profit / [Loss] |
343,093.50 |
242,167.69 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
187.37 |
|
|
Operating Profit |
26.00 |
|
|
Net Profit |
41.68 |
|
|
Fixed Assets |
6.88 |
|
|
Total Assets |
30.71 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
97.27 |
93.36 |
|
Operating Profit Margin |
0.98 |
0.78 |
|
S & A
Expenses |
3.80 |
6.18 |
|
Interest Paid |
0.70 |
0.27 |
|
Other Revenues |
2.05 |
0.33 |
|
Net Profit Margin |
0.18 |
0.35 |
|
Earning Per Shares |
1.07 |
1.21 |
|
No. of Shares |
320,000 |
200,000 |
Net Sales was
increased by 187.38%,
Operating Profit was
increased by 26.00%,
Net Profit was
increased by 41.68%,
Fixed Assets was
increased by 6.88%,
Total Assets was
increased by 30.71%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 93.36%
to 97.27%, Operating
Profit Margin was increased from
0.78% to 0.98%,
S & A
Expenses was decreased
from 6.18% to
3.80%, Interest Paid was
increased from 0.27%
to 0.70%, Other
Revenues was increased
from 0.33% to
2.05%, Net Profit
Margin was decreased
from 0.35% to
0.18%.
Earning Per Shares
was decreased from
1.21 baht per
share to 1.07
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.14 |
1.21 |
|
Quick-Assets Ratio |
0.32 |
0.17 |
Current Ratio was
decreased from 1.21
to 1.14, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
so good, Quick-Assets Ratio was increased
from 0.17 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 |
7.96 |
10.10 |
|
Times Interest Earned |
1.40 |
2.91 |
D/E Ratio
was decreased from
10.10 to 7.96,
show the company
had fund from
Loan more than
fund from Equity,
investment risked of
the company is high,
Times Interest Earned
was decreased from
2.91 to 1.40,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
6.96 |
2.59 |
|
Total Assets Turnover |
0.68 |
0.31 |
|
Return on Assets |
0.12 |
0.11 |
|
Return on Equity |
1.06 |
1.22 |
|
Day’s Inventories |
343.00 |
878.87 |
|
Day’s Receivables |
135.30 |
143.43 |
Fixed Assets Turnover
was increased from
2.59 times to
6.96 times, Total
Assets Turnover was
increased from 0.31
times to 0.68
times, show the company could
use Assets so
efficiently, Return on
Assets was increased
from 0.11 to
0.12, Return on
Equity was decreased
from 1.22 to
1.06, capacity to
use Assets to
make profit was
good.
Day’s Inventories was
decreased from 879
days to 344
days, and Day’s
Receivables was decreased
from 144 days
to 136 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%)