MIRA
INFORM REPORT
|
Report Date : |
24th
February, 2007 |
IDENTIFICATION DETAILS
|
Name : |
SIGNATURE IMPEX CO., LTD. |
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Registered Office : |
40/1 Soi 31, Sukhapibal 2 Road, Dokmai, Prawes, Bangkok 10250 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2004 |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
0105539075349 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturing, Designing
And Exporting Wide
Range Of Cutting
Diamonds And Jewelry
Products, As Well
As Importing And
Distributing Of Diamonds. |
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 |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
SIGNATURE IMPEX
CO., LTD.
FORMER
BHARGAV GEMS
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 40/1 SOI
31, SUKHAPIBAL 2
ROAD, DOKMAI,
PRAWES, BANGKOK
10250, THAILAND
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
: 80
LINES OF
BUSINESS : DIAMONDS AND
JEWELRY PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
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 July
8, 1996 as
a private limited
company under the initially
registered name “Bhargav Gems
Co., Ltd.,” by
Thai and Indian
groups. On May 27,
2005, subject was
changed its name
to be SIGNATURE IMPEX CO.,
LTD. Its business
objective is a
diamond cutting and jewelry
manufacture for domestic and
export markets. It
currently employs approximately 80 staff.
The subject’s registered
address was initially
located at 1535/108
Soi Rungpetch, Chan
Rd., Thungwatdon, Sathorn,
Bangkok 10120.
On April 11,
2006, it was
relocated to 40/1
Soi 31, Sukhapibal
2 Rd., Dokmai, Prawes, Bangkok
10250, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
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|
|
|
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Mr. Nilesh Kumar
Bholabhai Patel |
|
Indian |
27 |
|
Mr. Shilesh Kumar
Kasanbhai Bimanee |
|
Indian |
29 |
AUTHORIZED PERSON
Any 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
27 years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, designing and
exporting wide range
of cutting diamonds
and jewelry products,
as well as
importing and distributing of diamonds.
PURCHASE
Materials and
accessories are purchased
from local suppliers.
IMPORT
Diamonds are imported
from India and
Hong Kong.
EXPORT
90% of the products is
exported to European
and Asian countries.
The subject planned
to export its products
to United States
of America in
the near future.
SALES [LOCAL]
10% of
the products is
sold locally by
wholesale to traders.
REVENUE
In 2005,
the subject’s revenue
was increased around
10-15 % from the
previous year.
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.
BANKING
Bangkok Bank
Public Co., Ltd.
EMPLOYMENT
The subject employs
approximately 80 staff.
LOCATION DETAILS
The premise is
rented for administrative office, and factory
at the heading address. Premise
is located in
commercial/residential area.
COMMENT
The subject’s
business was good in the past few years due to demand of diamond from jewelry industry had strongly grown, as well as local consumption and exports of
jewelry products were bright.
However, market of jewelry products
this year is likely
to slow down from various
factors such as
higher oil prices,
higher gold prices and high
inflation rate as well
as consumption scenario
is likely slow.
FINANCIAL INFORMATION
The capital was registered at
Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100
each.
The capital was
increased later as
following:
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 February 24,
2006 ]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Nilesh Kumar Bholabhai Patel Nationality: Indian Address :
12 Nani Nagar,
A.K. Rd., Suraj,
India |
129,800 |
40.56 |
|
Mr. Zod
Phochai Nationality: Thai Address :
108/1 Moo 11,
Pomnoi, Jaturus, Chaiyaphum |
40,800 |
12.75 |
|
Ms. Nuengluck Nakcharoen Nationality: Thai Address :
926/5 Moo 12,
Sukhumvit Rd., Bangna, Prakanong, Bangkok |
40,800 |
12.75 |
|
Ms. Duenroong Chuasuwan Nationality: Thai Address :
94 Prawestai Rd.,
Bangmulnark, Pichit |
40,800 |
12.75 |
|
Ms. Sunetta Yuanhee Nationality: Thai Address :
4/41 Utsahakam Rd.,
Sateng, Muang, Yala |
40,800 |
12.75 |
|
Mr. Shilesh Kumar Kasanbhai Bimani Nationality: Indian Address :
72 Varaja Rd.,
Saraj, India |
25,000 |
7.81 |
|
Mr. Ragesh Yeswont Nationality: Indian Address :
S.B. Patil Rd.,
Bombay, India |
2,000 |
0.63 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Pimvalanch Kaewnate No. 5952
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2004
& 2003 were:
ASSETS
|
Current
Assets |
2004 |
2003 |
|
|
|
|
|
Cash in
hand & at
Bank |
1,168,598.60 |
551,346.93 |
|
Trade Accts.
Receivable |
12,993,254.51 |
11,606,624.32 |
|
Inventories |
56,026,851.94 |
21,627,705.14 |
|
Advanced Paid |
10,400,256.97 |
2,667,256.97 |
|
Other Current
Assets |
148,620.31 |
104,491.34 |
|
Total
Current Assets
|
80,737,582.33 |
36,557,424.70 |
|
Loan to
Directors |
- |
15,351,011.94 |
|
Fixed Assets |
217,415.35 |
215,192.12 |
|
Other Assets |
293,916.81 |
261,865.11 |
|
Total
Assets |
81,248,914.49 |
52,385,493.87 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2004 |
2003 |
|
|
|
|
|
Trade Accts.
Payable |
46,223,320.70 |
28,355,091.07 |
|
Accrued Expenses |
4,333,679.59 |
- |
|
Accrued Withholding Income Tax |
20,384.55 |
- |
|
Accrued Income
Tax |
38,780.76 |
- |
|
Other Current
Liabilities |
280,303.63 |
4,501,762.64 |
|
Total Current Liabilities |
50,896,469.23 |
32,856,853.71 |
|
Loan from
Directors |
10,670,682.06 |
- |
|
Total
Liabilities |
61,567,151.29 |
32,856,853.71 |
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|
|
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Shareholders' Equity |
|
|
|
|
|
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 200,000
shares |
20,000,000.00 |
20,000,000.00 |
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning - Unappropriated |
[318,236.80] |
[471,359.84] |
|
Total Shareholders' Equity |
19,681,763.20 |
19,528,640.16 |
|
Total Liabilities &
Shareholders' Equity |
81,248,914.49 |
52,385,493.87 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
|
Sales |
32,221,730.76 |
53,552,137.39 |
|
Interest Income |
- |
171,068.87 |
|
Gain on
Exchange Rate |
- |
1,984,468.04 |
|
Other Income |
420,000.00 |
2,727.27 |
|
Total
Revenues |
32,641,730.76 |
55,710,401.57 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
29,177,337.09 |
48,371,279.43 |
|
Selling &
Administrative Expenses |
3,272,489.87 |
6,425,638.30 |
|
Income Tax |
38,780.76 |
59,446.60 |
|
Total Expenses
|
32,488,607.72 |
54,856,364.33 |
|
Net
Profit / [Loss] |
153,123.04 |
854,037.24 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2004 |
2003 |
|
Sales |
[39.83] |
|
|
Operating |
[1.11] |
|
|
Net Profit |
[82.07] |
|
|
Fixed Assets |
1.03 |
|
|
Total Assets |
55.10 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
90.55 |
90.33 |
|
Operating Profit
Margin |
9.45 |
9.67 |
|
S&A expenses |
10.16 |
12.00 |
|
Other Revenues |
1.30 |
4.03 |
|
Net Profit
Margin |
0.48 |
1.59 |
|
Earning Per
Shares |
0.77 |
4.27 |
|
No. of
Shares |
200,000 |
200,000 |
Net Sales was decreased by 39.83%, Operating Profit was decreased by 1.11%, Net Profit was decreased by 82.07%, Fixed Assets was increased by 1.03%, Total Assets was increased by 55.10%.
Compare each cost with sales, Cost of Goods Sold was increased from 90.33% to 90.55%, Operating Profit Margin was decreased from 9.67% to 9.45%, S & A Expenses were decreased from 12.00% to 10.16%, Other Revenues was decreased from 4.03% to 1.30%, Net Profit Margin was decreased from 1.59% to 0.48%.
Earning Per
Shares was decreased
from 4.27 baht
per share to
0.77 baht per
share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
1.59 |
1.11 |
|
Quick -
assets ratio |
0.28 |
0.37 |
Current Ratio was increased from 1.11 to 1.59, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was decreased from 0.37 to 0.28, capacity to pay Short Term Loan was not good, because Current Assets without Inventory can not cover Current Liabilities.
Leverage
|
Leverage |
2004 |
2003 |
|
D/E Ratio |
3.13 |
1.68 |
D/E Ratio was increased from 1.68 to 3.13, show the company had fund from Loan more than fund from Equity, investment risked of the company is high.
Efficiency
|
Efficiency |
2004 |
2003 |
|
Fixed Assets
Turnover |
148.20 |
248.86 |
|
Total Assets
Turnover |
0.40 |
1.02 |
|
Return on
Assets |
0.19 |
1.63 |
|
Return on
Equity |
0.78 |
4.37 |
|
Day’s Payable |
578.24 |
213.96 |
|
Day’s Inventories |
700.88 |
163.20 |
|
Days’ Receivables |
147.18 |
79.11 |
Fixed Assets Turnover was decreased from 248.86 times to 148.20 times, Total Assets Turnover was decreased from 1.02 times to 0.40 times, show the company could not use Assets so efficiently, and Return on Assets was decreased from 1.63 to 0.19, Return on Equity was decreased from 4.37 to 0.78, capacity to use Assets to make profit was not good.
Day’s Payable was increased from 214
days to 579
days, Day’s Inventories
was increased from
164 days to
701 days, and
Day’s Receivables was
increased from 80
days to 148
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 |
|
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%)
PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions