MIRA
INFORM REPORT
|
Report Date : |
9th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
KHUSH
GEMS CO., LTD. |
|
|
|
|
Registered Office : |
9th Floor, Fortune
Condotown Building 1, 315/451 Sathupradit Road, Chongnonsi, Yannawa, Bangkok
10120, Thailand. |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
29.01.2004 |
|
|
|
|
Com. Reg. No.: |
0105547013331 [Former : 0108154701694] |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Engaged in
importing and distributing of diamonds, as
well as exporting
of jewellery products. |
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 |
Company Name
KHUSH GEMS
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 9th FLOOR, FORTUNE
CONDOTOWN BUILDING 1,
315/451 SATHUPRADIT ROAD,
CHONGNONSI,
YANNAWA,
BANGKOK 10120, THAILAND
TELEPHONE : [66] 2674-0617
FAX : [66] 2674-0617
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO.
: 0105547013331 [Former : 0108154701694]
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP
: BHT. 2,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. BIREN SURENDRA
PARIKH, INDIAN
MANAGING
DIRECTOR
NO. OF
STAFF : 2
LINES OF
BUSINESS : DIAMONDS AND
JEWELRY PRODUCTS
IMPORTER,
DISTRIBUTOR AND 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 January 29,
2004 as a
private limited company by
Thai and Indian groups, under the
registered name style
KHUSH GEMS CO.,
LTD., in order
to engage in
jewelry trading business.
It currently employs
2 staff.
The
subject’s registered address
is 315/451 Forune
Condotown, Sathupradit Rd.,
Chongnonsi, Yannawa, Bangkok
10120, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Biren Surendra Parikh
AUTHORIZED PERSON
The above
director can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Biren
Surendra Parikh
is the Managing Director.
He is
Indian nationality with
the age of
38 years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing of diamonds, as
well as exporting
of jewelry products.
PURCHASE
Jewelry products
are purchased from
local suppliers.
IMPORT
Diamonds
are imported from
India and Hong
Kong.
SALES
The
products are sold to customer
both in domestic and
overseas, mainly in Hong
Kong, Japan, Taiwan
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 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
Bangkok Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 2
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
COMMENT
The
subject’s operating performance
is considered satisfactory with a drastic increase
in its sale revenue in
2005 comparing to the
previous year. In
general, the subject’s business
has a bright prospect.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht. 100 each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Biren
Surendra Parikh Nationality: Indian Address :
62/3 Surawong Rd.,
Suriyawongse, Bangrak, Bangkok |
7,000 |
35.00 |
|
Mrs. Perna Biren Parikh Nationality: Indian Address :
62/3 Surawong Rd.,
Suriyawongse, Bangrak, Bangkok |
2,800 |
14.00 |
|
Mr. Pramote Ohboonlom Nationality: Thai Address :
94 Krungkasem Rd.,
Klongmahanark, Pomprab, Bangkok |
2,040 |
10.20 |
|
Mr. Piya
Leechalad Nationality: Thai Address :
14/1 Krungkasem Rd., Klongmahanark, Pomprab,
Bangkok |
2,040 |
10.20 |
|
Mr. Panya
Ziangchao Nationality: Thai Address :
213 Moo 2, Donjaedee, Panomthuan, Kanchanaburi |
2,040 |
10.20 |
|
Mr. Chaichana Chalimpol Nationality: Thai Address :
8/239 Moo 1,
Bangbuathong, Nonthaburi |
2,040 |
10.20 |
|
Mr. Manoch Klaykhamdee Nationality: Thai Address :
164/70 Phayathai Rd.,
Thungphyathai, Rajthevee, Bangkok |
2,040 |
10.20 |
Total
Shareholders : 7
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mrs.
Wasana Tanmongkol No.
1888
BALANCE SHEET [BAHT]
The latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Bank |
544,275.19 |
2,316,486.54 |
|
Trade Accts.
Receivable |
1,655,406.41 |
512,421.45 |
|
Inventories |
1,648,469.83 |
5,103,783.07 |
|
Other Current
Assets |
40,000.00 |
- |
|
Total
Current Assets |
3,888,151.43 |
7,932,691.06 |
|
Long Term
Loan to Director |
2,000,000.00 |
- |
|
Fixed
Assets |
210,714.60 |
18,815.77 |
|
Total
Assets |
6,098,866.03 |
7,951,506.83 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts.
Payable |
1,637,341.82 |
5,049,596.08 |
|
Other Current
Liabilities |
1,062,581.33 |
422,442.00 |
|
Total Current Liabilities |
2,699,923.15 |
5,472,038.08 |
|
Total
Liabilities |
2,699,923.15 |
5,472,038.08 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share
capital : Baht 100 par value
authorized, issued and fully
paid
share capital 20,000
shares |
2,000,000.00 |
2,000,000.00 |
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning - Unappropriated |
1,398,942.88 |
479,468.75 |
|
Total Shareholders' Equity |
3,398,942.88 |
2,479,468.75 |
|
Total Liabilities &
Shareholders' Equity |
6,098,866.03 |
7,951,506.83 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
46,872,067.77 |
24,846,183.97 |
|
Other Income |
123,283.39 |
68,535.31 |
|
Total
Revenues |
46,995,351.16 |
24,914,719.28 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods Sold
|
44,084,227.82 |
23,426,069.11 |
|
Selling &
Administrative Expenses |
1,814,135.22 |
923,978.12 |
|
Total Expenses
|
45,898,363.04 |
24,350,047.23 |
|
Profit
/ [Loss] Before Income
Tax |
1,096,988.12 |
564,672.05 |
|
Income Tax |
[177,513.99] |
[85,203.30] |
|
Net
Profit / [Loss] |
919,474.13 |
479,468.75 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
88.65 |
|
|
Operating |
2.98 |
|
|
Net Profit |
91.77 |
|
|
Fixed Assets |
1,019.88 |
|
|
Total Assets |
[23.30] |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
94.05 |
94.28 |
|
Operating Profit
Margin |
2.34 |
2.27 |
|
S&A expenses |
3.87 |
3.72 |
|
Other Revenues |
0.26 |
0.28 |
|
Net Profit
Margin |
1.96 |
1.93 |
|
Earning Per
Shares |
45.97 |
23.97 |
|
No. of Shares |
20,000 |
20,000 |
Net Sales was
increased by 88.65%,
Operating Profit was
increased by 2.98%,
Net Profit was
increased by 91.77%,
Fixed Assets was
increased by 1,019.88%,
Total Assets was
decreased by 23.30%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
94.28% to 94.05%,
Operating Profit Margin
was increased from
2.27% to 2.34%,
S & A
Expenses were increased
from 3.72% to
3.87%, Other Revenues
was decreased from
0.28% to 0.26%,
Net Profit Margin
was increased from
1.93% to 1.96%.
Earning Per
Shares was increased
from 23.97 baht
per share to
45.97 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.44 |
1.45 |
|
Quick
- assets ratio |
0.81 |
0.52 |
Current Ratio
was decreased from
1.45 to 1.44,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
0.52 to 0.81,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.79 |
2.21 |
D/E Ratio was
decreased from 2.21
to 0.79, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
222.44 |
1,320.50 |
|
Total Assets
Turnover |
7.69 |
3.12 |
|
Return on
Assets |
15.08 |
6.03 |
|
Return on
Equity |
27.05 |
19.34 |
|
Day’s Payable |
12.58 |
73.16 |
|
Day’s Inventories |
12.66 |
73.95 |
|
Days’ Receivables |
12.71 |
7.42 |
Fixed Assets Turnover
was decreased from
1,320.50 times to
222.44 times, Total
Assets Turnover was
increased from 3.12
times to 7.69
times, show the
company could use
Assets so efficiently, and Return on
Assets was increased
from 6.03 to
15.08, Return on
Equity was increased
from 19.34 to
27.05, capacity to
use Assets to
make profit was
good.
Day’s Payable
was decreased from
74 days to
13 days, and
Day’s Inventories was
decreased from 74
days to 13
days, while Day’s
Receivables was increased
from 8 days to 13
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/normal. |
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 |
|