MIRA
INFORM REPORT
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Report Date : |
09.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
MANEE DIAM CO., LTD. |
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Registered Office : |
22nd Floor, Bangkok Gems & Jewellery Building, 322/54 Surawong Road, Siphya, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31/12/2004 |
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Date of Incorporation : |
2003 |
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Com. Reg. No.: |
0105546037112 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing, distributing and exporting various kinds of diamond, gemstones and jewellery products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME
MANEE
DIAM CO., LTD.
SUMMARY
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BUSINESS
ADDRESS |
22nd FLOOR, BANGKOK GEMS &
JEWELLERY BUILDING, 322/54
SURAWONG ROAD, SIPHYA,
BANGRAK, BANGKOK 10500,
THAILAND |
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TELEPHONE |
[66] 2631-8990-2 |
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FAX |
[66] 2631-8996 |
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REGISTRATION
ADDRESS |
SAME AS BUSINESS ADDRESS |
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ESTABLISHED |
2003 |
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REGISTRATION
NO. |
0105546037112 [FORMER: 10454600656] |
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CAPITAL REGISTERED |
BHT. 10,000,000 |
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CAPITAL PAID-UP |
BHT. 10,000,000 |
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FISCAL
YEAR CLOSING DATE |
DECEMBER 31 |
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LEGAL STATUS |
PRIVATE LIMITED COMPANY |
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EXECUTIVE |
MR. PRAKAZ S. ITALIA, INDIAN |
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MANAGING DIRECTOR |
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NO. OF STAFF |
10 |
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LINES
OF BUSINESS |
GEMS AND JEWELRY PRODUCTS IMPORTER & EXPORTER |
CORPORATE PROFILE
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OPERATING
TREND |
STABLE |
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PRESENT
SITUATION |
OPERATING NORMALLY |
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REPUTATION |
GOOD WITH
NORMAL BUSINESS ENGAGEMENT |
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MANAGEMENT
STANDARD |
MANAGEMENT WITH
GOOD PERFORMANCE |
HISTORY
The subject was established on March 24, 2003 as a private limited company under the name style MANEE DIAM CO., LTD. by Indian and Thai group, in order to import and export of jewelry products. It currently employs 10 staff.
The subject’s registered address was initially located at 297 Surawongse Rd., Suriyawongse, Bangrak, Bangkok 10500.
In 2005, it was relocated to 22nd Floor, Bangkok Gems & Jewellery Building, 322/54 Surawong Rd., Siphya, Bangrak, Bangkok 10500, and this is the company’s current operation address.
THE BOARD OF DIRECTORS
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Name |
Nationality |
Age |
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Mr. Nilesh S. Italiya |
Indian |
31 |
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Mr. Prakaz S. Italia |
Indian |
28 |
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Mrs. Shada Nilesh Italiya |
Indian |
30 |
AUTHORIZED PERSON
One of the above directors can sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Prakaz S. Italia is the Managing Director.
He is Indian nationality with the age of 28 years old.
Mr. Nilesh S. Italiya is the Executive Director.
He is Indian nationality with the age of 31 years old
BUSINESS OPERATIONS
The subject is engaged in importing, distributing and exporting various kinds of diamond, gemstones and jewelry products.
PURCHASE
The products are purchased from both domestic and overseas suppliers mainly in India and Hong Kong.
SALES
The products are sold locally, as well as are exported by wholesale to traders and manufacturers in India and United States of America.
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.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom Rd., Silom, Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs approximately 10 staff.
LOCATION DETAILS
The premise is rented for administrative office at the heading address. Premise is located in a prime commercial area.
COMMENT
The subject has strong growth in its operation as well as expansion from small customer to the leading jewelry factory. There is still a lot of opportunities for Thai jewelry products in international markets, therefore diamond traders are enjoying high demand of diamonds and other precious and semi-precious stones. The subject’s business is promising.
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 April 29, 2003
Bht. 10,000,000 on January 17, 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 December 30, 2005]
|
NAME |
HOLDING |
% |
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Mr. Nilesh S. Italiya Nationality : Indian Address : 322/54 Surawongse Rd., Siphya, Bangrak, Bangkok 10500 |
15,000 |
15.00 |
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Mr. Prakaz S. Italia Nationality : Indian Address : 322/54 Surawongse Rd., Siphya, Bangrak, Bangkok 10500 |
15,000 |
15.00 |
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Mrs. Shada
Niresh Italiya Nationality : Indian Address : 322/54 Surawongse Rd., Siphya, Bangrak, Bangkok 10500 |
15,000 |
15.00 |
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Mr. Suparp Chansri Nationality : Thai Address : 41 Moo 14, Nongjaeng, Buengsamphan, Petchaboon Province |
13,750 |
13.75 |
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Ms. Jamriang
Narkjai Nationality : Thai Address : 443 Moo 8, Laemrangking, Buengnarang, Pichitr Province |
13,750 |
13.75 |
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Mr. Charnnarong Poolsuk Nationality : Thai Address : 9 Moo 6, Saensuk, Varinchamrab, Ubonratchathani Province |
13,750 |
13.75 |
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Ms. Nujaree Chuenjai Nationality : Thai Address : 6 Moo 5, Suksamran, Takfah, Nakornsawan Province |
13,750 |
13.75 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Kritakorn Tan-ariyakul No. 7741
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2004 & 2003 were:
ASSETS
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Current Assets |
2004 |
2003 |
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Cash in Hand & at Bank |
520,567.62 |
81,724.19 |
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Trade Accts. Receivable [note 1] |
35,623,765.62 |
9,584,719.25 |
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Short-term Loan to Person or Related Company |
- |
7,400,000.00 |
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Inventories |
114,638,815.60 |
7,802,001.86 |
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Other Current Assets [note 2] |
94,317.26 |
332,605.53 |
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Total Current Assets |
150,877,466.10 |
25,201,050.83 |
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Fixed Assets |
754,833.84 |
- |
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Other Assets |
28,800.00 |
28,800.00 |
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Total Assets |
151,661,099.94 |
25,229,850.83 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2004 |
2003 |
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Trade Accts. Payable |
143,324,971.70 |
19,729,271.81 |
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Accrued Income Tax |
453,378.58 |
308,596.24 |
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Other Current Liabilities |
744,187.93 |
99,763.98 |
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Total Current Liabilities |
144,522,538.21 |
20,137,632.03 |
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Shareholders' Equity |
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Share capital : Baht 100 par value authorized, issued and fully paid share capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
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Capital Paid |
4,000,000.00 |
4,000,000.00 |
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Retained Earning - Unappropriated |
3,138,561.73 |
1,092,218.80 |
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Total Shareholders' Equity |
7,138,561.73 |
5,092,218.80 |
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Total
Liabilities & Shareholders' Equity |
151,661,099.94 |
25,229,850.83 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
March 24, 2003- Dec. 31, 2003 |
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Export Income |
103,920,751.87 |
56,790,417.95 |
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Other Income |
4,644,339.35 |
1,566,689.94 |
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Total Revenues |
108,565,091.22 |
58,357,107.89 |
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Expenses |
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Cost of Goods Sold & Services |
103,253,707.78 |
52,575,580.82 |
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Selling & Administrative Expenses |
2,691,661.93 |
4,380,712.03 |
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Total Expenses |
105,945,369.71 |
56,956,292.85 |
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Profit / [Loss] Before Income Tax |
2,619,721.51 |
1,400,815.04 |
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Income Tax |
[573,378.58] |
[308,596.24] |
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Net Profit / [Loss] |
2,046,342.93 |
1,092,218.80 |
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Retained Earning, beginning of year |
1,092,218.80 |
- |
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Retained Earning, end of year |
3,138,561.73 |
1,092,218.80 |
FINANCIAL NOTE
NOTE 1 Trace Accts. Receivable
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2004 |
2003 |
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Trace Accts. Receivable |
35,623,765.62 |
9,366,019.87 |
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Postdated Cheque |
- |
218,699.38 |
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Total |
35,623,765.62 |
9,584,719.25 |
NOTE 2
Other Current Assets
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|
2004 |
2003 |
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Deferred Income |
25,000.00 |
25,000.00 |
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Prepaid Insurance Premium |
69,317.26 |
70,280.00 |
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Receivable-Revenue Department |
- |
237,325.53 |
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Total |
94,317.26 |
332,605.53 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2004 |
2003 |
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Sales |
82.99 |
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Operating |
0.05 |
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Net Profit |
87.36 |
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Total Assets |
501.12 |
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Profitability |
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Cost of Goods Sold |
99.36 |
92.58 |
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Operating Profit Margin |
0.64 |
7.42 |
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S&A expenses |
2.59 |
7.71 |
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Other Revenues |
4.47 |
2.76 |
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Net Profit Margin |
1.97 |
1.92 |
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Earning Per Shares |
51.16 |
27.31 |
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No. of Shares |
40,000 |
40,000 |
Net
Sales was increased
by 82.99%, Operating
Profit was increased
by 0.05%, Net
Profit was increased
by 87.36%, Total
Assets was increased
by 501.12%.
Compare each cost with sales, Cost of Goods Sold was increased from 92.58% to 99.36%, Operating Profit Margin was decreased from 7.42% to 0.64%, S & A Expenses were decreased from 7.71% to 2.59%, Other Revenues was increased from 2.76% to 4.47%, Net Profit Margin was increased from 1.92% to 1.97%.
Earning Per Shares was increased from 27.31 baht per share to 51.16 baht per share.
Liquidity
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Liquidity |
2004 |
2003 |
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Current Ratio |
1.04 |
1.25 |
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Quick - assets ratio |
0.25 |
0.85 |
Current Ratio was decreased from 1.25 to 1.04, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was decreased from 0.85 to 0.25, capacity to pay Short Term Loan was not good, because Current Assets without Inventory can not cover Current Liabilities.
Leverage
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Leverage |
2004 |
2003 |
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D/E Ratio |
20.25 |
3.95 |
D/E Ratio was increased from 3.95 to 20.25, show the company had fund from Loan more than fund from Equity, investment risked of the company is high.
Efficiency
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Efficiency |
2004 |
2003 |
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Fixed Assets Turnover |
137.67 |
0.00 |
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Total Assets Turnover |
0.69 |
2.25 |
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Return on Assets |
1.35 |
4.33 |
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Return on Equity |
28.67 |
21.45 |
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Day’s Payable |
506.65 |
136.97 |
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Day’s Inventories |
405.25 |
54.16 |
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Days’ Receivables |
125.12 |
61.60 |
Fixed Assets Turnover was increased from 0.00 times to 137.67 times, Total Assets Turnover was decreased from 2.25 times to 0.69 times, show the company could use Fixed Assets so efficiently, and Return on Assets was decreased from 4.33 to 1.35, Return on Equity was increased from 21.45 to 28.67, capacity to use Assets to make profit was good.
Day’s Payable was increased from 137 days to 507 days, Day’s Inventories was increased from 55 days to 406 days, and Day’s Receivables was increased from 62 days to 126 days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |