MIRA
INFORM REPORT
|
Report Date : |
13th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
BLUE OCEAN GEMS CO., LTD. |
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Registered Office : |
Room
No. 602, 6th/Floor, K.B.S.
Building, Mahaesak Road,
Suriyawongse, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2000 |
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Com. Reg. No.: |
0105543059131 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Importing, distributing and exporting of
diamonds, gems, and
jewelry products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Status : |
Moderate
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
name
BLUE OCEAN GEMS CO., LTD.
SUMMARY
BUSINESS ADDRESS : ROOM NO. 602,
6TH/FLOOR,
K.B.S. BUILDING,
MAHAESAK ROAD, SURIYAWONGSE, BANGRAK,
BANGKOK
10500, THAILAND
TELEPHONE : [66]
2635-5975, 2635-5900
FAX :
[66] 2635-5974
E-MAIL ADDRESS : blueoceangems@yahoo.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION NO.
: 0105543059131 [Former : 888/2543]
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP
: BHT. 10,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
RAMESH PAVSIA DAMJIBHAI, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 7
LINES OF
BUSINESS : DIAMOND
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 June 26,
2000 as a
private limited company under the name style “BLUE
OCEAN GEMS CO., LTD.”
by a joint venture between
Thai and Indian
groups, in order
to import and distribute diamond
to local market. It currently
employs 7 staff.
The
subject’s registered address
is 30-38 Mahaesak
3 Rd., Suriyawongse,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr.
Ramesh Pavsia Damjibhai |
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Indian |
29 |
|
Mr.
Kiritkumar Virjibhai Ghori |
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Indian |
28 |
|
Mr.
Dinesh Kumar Hirabhai
Mavani |
|
Indian |
28 |
|
Mr.
Alpesh Kumar Chaturbhai Patoliya |
|
Indian |
25 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Ramesh
Pavsia Damjibhai
is the Managing Director.
He is
Indian nationality with
the age of
29 years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing, distributing and exporting of
diamonds, gems, and
jewelry products.
PURCHASE
Its products
are purchased from
suppliers and agents
in domestic and
overseas such as
India, South Africa,
Belgium and Bulgaria.
SALES
The products
are sold to
customers both in
domestic market and
overseas in India,
Hong Kong and
Europe 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 L/C at
sight or T/T.
BUSINESS TRANSACTION
The products
are sold both
by cash and
credit with the
maximum credit given
at 30-60 days.
The subject is not
found to have
problem on its
account receivable.
BANKING
Bharat
Overseas Bank Ltd.
[Bangkok Office
: 221 Rajawongse Rd.,
Samphantawong, Bangkok]
Bangkok
Bank Public Co.,
Ltd.
[Silom Branch
: 300 Silom Rd., Suriyawongse, Bangrak, Bangkok]
EMPLOYMENT
The
subject employs 7
staff. [office and sales staff]
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a prime
commercial area.
COMMENT
Diamonds and gemstones are still
high consume from
Thai jewelry producers
due to the promising market
especially in overseas. Despite
local consumption of
jewelry products has
been slowdown from
economic uncertainty, the subject
still maintains its
sales from international markets.
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 following:
Bht. 6,000,000
on March 17,
2003
Bht. 8,000,000
on December 22,
2003
Bht.
10,000,000 on November
24, 2005
The
latest registered capital
was increased to
Bht. 10,000,000 divided into
100,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 30, 2006]
|
NAME |
HOLDING |
% |
|
|
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Mr. Ramesh Pavsia
Damjibhai
Nationality
: Indian
Address :
256 Jirpour, India |
46,000 |
46.00 |
|
Ms. Saipin Suramitr Nationality
: Thai Address :
23 Moo 2, Pongsa,
Pai, Maehongsorn |
17,000 |
17.00 |
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Ms. Kruawan Taweelarp Nationality
: Thai Address :
58 Moo 7, Klonglanpatana, Klonglan, Kampaengpetch |
17,000 |
17.00 |
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Mr. Chalee Thinwongyen Nationality: Thai Address :
115/15 Moo 5, Kukot,
Lamlukka, Pathumthani |
17,000 |
17.00 |
|
Mr. Alpesh Kumar Chaturbhai Patoliya Nationality: Indian Address :
30-38 Mahaesak Rd.,
Suriyawongse, Bangrak, Bangkok |
1,000 |
1.00 |
|
Mr. Kiritkumar Virjibhai Ghori Nationality: Indian Address :
30-38 Mahaesak Rd.,
Suriyawongse, Bangrak, Bangkok
|
1,000 |
1.00 |
|
Mr. Dinesh Kumar Hirabhai Mavani Nationality: Indian Address :
30-38 Mahaesak Rd.,
Surirawongse, Bangrak, Bangkok |
1,000 |
1.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr.
Veeraphan Prayoonwong No.
1073
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Bank |
150,442.27 |
444,724.80 |
|
Trade Accts.
Receivable [note 1] |
72,190,227.80 |
13,639,108.13 |
|
Inventories |
74,219,766.39 |
38,841,600.02 |
|
Other Current
Assets [note 2] |
613,139.22 |
462,139.22 |
|
Total
Current Assets |
147,173,575.68 |
53,387,572.17 |
|
Long Term
Loan to Related
Person |
- |
43,000,000.00 |
|
Fixed
Assets [note 3] |
757,413.52 |
874,267.58 |
|
Other
Assets |
25,623.25 |
43,710.25 |
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Total
Assets |
147,956,612.45 |
97,305,550.00 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
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Trade Accts.
Payable |
104,819,048.82 |
86,853,020.50 |
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Current Portion of Long Term Liabilities |
188,712.00 |
188,712.00 |
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Other Current
Liabilities |
85,825.90 |
504,500.80 |
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Total Current Liabilities |
105,093,586.72 |
87,546,233.30 |
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Long Term
Loan from Related Person |
36,300,000.00 |
- |
|
Hire-Purchase Payable |
267,342.00 |
456,054.00 |
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Total
Liabilities |
141,660,928.72 |
88,002,287.30 |
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Shareholders' Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 80,000
shares in 2004 & 100,000
shares in 2005 |
10,000,000.00 |
8,000,000.00 |
|
Capital Paid |
10,000,000.00 |
8,000,000.00 |
|
Retained Earning - Unappropriated |
[3,704,316.27] |
1,303,262.70 |
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Total Shareholders' Equity |
6,295,683.73 |
9,303,262.70 |
|
Total Liabilities &
Shareholders' Equity |
147,956,612.45 |
97,305,550.00 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
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Sales |
136,188,801.44 |
128,928,546.30 |
|
Other Income |
0.23 |
1,154,870.15 |
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Total
Revenues |
136,188,801.67 |
130,083,416.45 |
|
Expenses |
|
|
|
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|
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Cost of
Goods Sold |
133,261,026.84 |
125,097,725.68 |
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Selling &
Administrative Expenses |
4,103,343.12 |
3,721,376.71 |
|
Loss on
Exchange Rate |
3,661,162.30 |
- |
|
Total Expenses
|
141,025,532.26 |
128,819,102.39 |
|
Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
[4,836,730.59] |
1,264,314.06 |
|
Interest Expenses |
[170,848.38] |
- |
|
Income Tax |
- |
[624,324.39] |
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Net
Profit / [Loss] |
[5,007,578.97] |
639,989.67 |
FINANCIAL NOTE
NOTE
1 Trade Accts. Receivable
|
|
2005 |
2004 |
|
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|
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Trade
Accts. Receivable-Foreign |
47,695,526.94 |
10,151,427.30 |
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Trade
Accts. Receivable-Local |
24,494,700.86 |
3,487,680.83 |
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Total |
72,190,227.80 |
13,639,108.13 |
NOTE
2 Other Current
Assets
|
|
2005 |
2004 |
|
|
|
|
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Deferred Interest |
- |
215,000.00 |
|
Receivable-Revenue Department |
229,052.22 |
229,052.22 |
|
Refundable Income
Tax |
366,000.00 |
- |
|
Deferred Expenses |
18,087.00 |
18,087.00 |
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Total |
613,139.22 |
462,139.22 |
NOTE
3 Fixed Assets
|
|
2005 |
2004 |
|
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Office Equipment |
132,208.55 |
65,942.98 |
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Office Automation |
2,625.74 |
3,745.37 |
|
Vehicle |
622,579.23 |
804,579.23 |
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Total |
757,413.52 |
874,267.58 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
5.63 |
|
|
Operating |
[188.02] |
|
|
Net Profit |
[882.45] |
|
|
Fixed Assets |
[13.37] |
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Total Assets |
52.05 |
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Profitability |
|
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Cost of
Goods Sold |
97.85 |
97.03 |
|
Operating Profit
Margin |
[0.86] |
0.98 |
|
S&A expenses |
3.01 |
2.89 |
|
Interest |
0.13 |
0.00 |
|
Other Revenues |
0.00 |
0.90 |
|
Net Profit
Margin |
[3.68] |
0.50 |
|
Earning Per
Shares |
[50.08] |
8.00 |
|
No. of
Shares |
100,000 |
80,000 |
Net Sales was increased by 5.63%, Operating Profit was decreased by 188.02%, Net Profit was decreased by 882.45%, Fixed Assets was decreased by 13.37%, Total Assets was increased by 52.05%.
Compare each cost with sales, Cost of Goods Sold was increased from 97.03% to 97.85%, Operating Profit Margin was decreased from 0.98% to -0.86%, S & A Expenses were increased from 2.89% to 3.01%, Interest Paid was increased from 0.00% to 0.13%, Other Revenues was decreased from 0.90% to 0.00%, Net Profit Margin was decreased from 0.50% to -3.68%.
Earning Per Shares was decreased from 8.00 baht per share to -50.08 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.40 |
0.61 |
|
Quick
- assets ratio |
0.69 |
0.16 |
Current Ratio was increased from 0.61 to 1.40, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was increased from 0.16 to 0.69, 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 |
22.50 |
9.46 |
|
Times Interest
Earned |
[6.88] |
- |
D/E Ratio was increased from 9.46 to 22.50, show the company had fund from Loan more than fund from Equity, investment risked of the company is high and Times Interest Earned was -6.88, capacity to pay interest paid was not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
179.81 |
147.47 |
|
Total Assets
Turnover |
0.92 |
1.32 |
|
Return on
Assets |
[3.38] |
0.66 |
|
Return on
Equity |
[79.54] |
6.88 |
|
Day’s Payable |
277.08 |
242.51 |
|
Day’s Inventories |
196.19 |
108.46 |
|
Days’ Receivables |
190.83 |
38.08 |
Fixed
Assets Turnover was
increased from 147.47
times to 179.81
times, Total Assets
Turnover was decreased
from 1.32 times
to 0.92 times,
show the company
could use Fixed
Assets so efficiently, and Return on
Assets was decreased
from 0.66 to
-3.38, Return on
Equity was decreased
from 6.88 to -79.54, capacity to use
Assets to make
profit was not
good.
Day’s Payable was increased from 243 days to 278 days, Day’s Inventories was increased from 109 days to 197 days, and Day’s Receivables was increased from 39 days to 191 days.
RATING EXPLANATIONS
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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 |
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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/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 |
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