MIRA
INFORM REPORT
|
Report Date : |
12.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NICE DIAM CO., LTD. |
|
|
|
|
Registered Office : |
Room
3112, 31st Floor,
Jewelry Trade Center, 919/397
Silom Road, Silom, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
2001 |
|
|
|
|
Com. Reg. No.: |
0105544110190 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Jewelry trading
business, including
import of diamond, gems stone
and export of
fine jewelry 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 |
name
NICE DIAM CO., LTD.
SUMMARY
BUSINESS ADDRESS : ROOM 3112,
31st FLOOR, JEWELRY
TRADE
CENTER, 919/397
SILOM ROAD, SILOM,
BANGRAK, BANGKOK
10500
TELEPHONE : [66] 2630-0514
FAX :
[66] 2630-0515
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2001
REGISTRATION NO.
: 0105544110190
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP
: BHT. 5,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MEHTA NIKUNJKUMAR NANALAL,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 3
LINES OF
BUSINESS : JEWELRY TRADE
BUSINESS
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 November 14,
2001 as a
private limited company under the name style
NICE DIAM CO.,
LTD., by Thai and
Indian groups, in order
to engage in
jewelry trading business.
It currently employs
3 staff.
The
subject’s registered address
is 919/397 Silom
Rd., Silom, Bangrak, Bangkok
10500, and this
is the subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Mehta Nikunjkumar Nanalal |
|
Indian |
31 |
|
Mr.
Pratik Kumar Nanalal
Mehta |
|
Indian |
34 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Mehta
Nikunjkumar Nanalal
is the Managing Director.
He is
Indian nationality with
the age of
31 years old.
BUSINESS OPERATIONS
The subject
is engaged in
jewelry trading business,
including import of diamond,
gems stone and export of
fine jewelry products.
PURCHASE
The products
are purchased from
suppliers both domestic
and overseas, mainly
in India.
SALES
The products
are sold to customers both domestic and international markets in Hong
Kong, U.S.A. and
Europe.
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.
EMPLOYMENT
The
subject employs 3
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’s
business remains brisk due to demand of diamond and gemstones from jewelry
industry has continued growing,
despite slowdown from
local consumption.
However, exports of jewelry
products remains bright.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
2,000,000 divided into
20,000 shares of
Bht. 100 each.
On
March 18, 2002,
the capital was
increased to Bht. 5,000,000 divided into 50,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at March 5, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Mehta
Nikunjkumar Nanalal Nationality: Indian Address :
32 Walchad, India
|
20,269 |
40.54 |
|
Mr. Pachong Saenmob Nationality: Thai Address :
96 Moo 2,
Ponechan, Ponesawan, Nakornpanom |
5,500 |
11.00 |
|
Mr. Charan Anantawong Nationality: Thai Address :
19/94 Moo 5,
Prachauthis Rd., Bangmod,
Thungkru, Bangkok |
5,000 |
10.00 |
|
Mr. Charungsak Anantawong Nationality: Thai Address :
272 Moo 4,
Prachauthis Rd., Bangmod,
Thungkru,
Bangkok |
5,000 |
10.00 |
|
Ms. Kanokwan Pongpaisarnthavorn Nationality: Thai Address :
51 Lamphu Rd.,
Wad Samphrya, Phranakorn, Bangkok |
5,000 |
10.00 |
|
Ms. Chadavee Taweewongpaisal Nationality: Thai Address :
144/72 Moo 4,
Chaengwatana Rd., Klongthanon, Bnagkhen,
Bangkok |
5,000 |
10.00 |
|
Mr. Pratik Kumar Nanalal Mehta Nationality: Indian Address :
160/528-529 Silom Rd.,
Suriyawongse, Bangrak,, Bangkok
|
4,231 |
8.46 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr.
Surin Ruangporn No. 3741
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Bank |
50,497.16 |
48,966.48 |
|
Trade Accts.
Receivable |
19,266,753.52 |
3,975,183.63 |
|
Inventories |
17,495,776.35 |
33,952,448.76 |
|
Deferred Income |
13,673.15 |
1,673.15 |
|
Total
Current Assets |
36,826,700.18 |
37,978,272.02 |
|
|
|
|
|
Fixed
Assets |
259,783.91 |
234,319.81 |
|
Receivable Loan
Director |
1,200,000.00 |
- |
|
Deposit |
5,000.00 |
- |
|
Total
Assets |
38,291,484.10 |
38,212,591.83 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft |
464,331.58 |
350,318.70 |
|
Trade Accts.
Payable |
30,622,862.47 |
28,001,028.69 |
|
Accrued Expenses |
8,000.00 |
808,000.00 |
|
Other Current
Liabilities |
290,019.63 |
85,630.79 |
|
Total Current Liabilities
|
31,385,213.68 |
29,244,978.18 |
|
Payable Loan
to Directors |
- |
3,000,000.00 |
|
Total
Liabilities |
31,385,213.68 |
32,244,978.18 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 50,000
shares |
5,000,000.00 |
5,000,000.00 |
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning - Unappropriated |
1,906,270.42 |
967,613.65 |
|
Total Shareholders' Equity |
6,906,270.42 |
5,967,163.65 |
|
Total Liabilities &
Shareholders' Equity |
38,291,484.10 |
38,212,591.83 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
83,523,771.11 |
35,742,109.03 |
|
Gain on
Exchange Rate |
- |
943,014.66 |
|
Other Income |
12,000.00 |
- |
|
Total
Revenues |
83,535,771.11 |
36,685,123.69 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold & Services |
80,429,240.48 |
34,126,016.03 |
|
Selling &
Administrative Expenses |
1,971,060.58 |
1,785,149.16 |
|
Total Expenses
|
82,400,301.06 |
39,911,165.19 |
|
Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
1,135,470.05 |
773,958.50 |
|
Interest Expenses |
[6,872.97] |
[4,156.01] |
|
Income Tax |
[189,940.31] |
[118,829.38] |
|
Net
Profit / [Loss] |
938,656.77 |
650,973.11 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
133.68 |
|
|
Operating |
[37.22] |
|
|
Net Profit |
44.19 |
|
|
Fixed Assets |
10.87 |
|
|
Total Assets |
0.21 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
96.30 |
95.48 |
|
Operating Profit
Margin |
1.36 |
2.17 |
|
S&A expenses |
2.36 |
4.99 |
|
Interest |
0.01 |
0.01 |
|
Other Revenues |
0.01 |
2.64 |
|
Net Profit
Margin |
1.12 |
1.82 |
|
Earning Per
Shares |
18.77 |
13.02 |
|
No. of
Shares |
50,000 |
50,000 |
Net Sales was increased by 133.68%, Operating Profit was decreased by 37.22%, Net Profit was increased by 44.19%, Fixed Assets was increased by 10.87%, Total Assets was increased by 0.21%.
Compare each cost with sales, Cost of Goods Sold was increased from 95.48% to 96.30%, Operating Profit Margin was decreased from 2.17% to 1.36%, S & A Expenses were decreased from 4.99% to 2.36%, Interest Paid was stable at 0.01%, Other Revenues was decreased from 2.64% to 0.01%, Net Profit Margin was decreased from 1.82% to 1.12%.
Earning Per Shares was increased from 13.02 baht per share to 18.77 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.17 |
1.30 |
|
Quick
- assets ratio |
0.62 |
0.14 |
Current Ratio was decreased from 1.30 to 1.17, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was increased from 0.14 to 0.62, 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 |
4.54 |
5.40 |
|
Times Interest
Earned |
165.21 |
186.23 |
D/E Ratio was decreased from 5.40 to 4.54, show the company had fund from Loan more than fund from Equity, investment risked of the company is high and Times Interest Earned was decreased from 186.23 to 165.21, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
321.51 |
152.54 |
|
Total Assets
Turnover |
2.18 |
0.94 |
|
Return on
Assets |
2.45 |
1.70 |
|
Return on
Equity |
13.59 |
10.91 |
|
Day’s Payable |
131.99 |
282.03 |
|
Day’s Inventories |
75.41 |
341.97 |
|
Days’ Receivables |
83.04 |
40.04 |
Fixed Assets Turnover was increased from 152.54 times to 321.51 times, Total Assets Turnover was increased from 0.94 times to 2.18 times, show the company could use Assets so efficiently, and Return on Assets was increased from 1.70 to 2.45, Return on Equity was increased from 10.91 to 13.59, capacity to use Assets to make profit was good.
Day’s Payable was decreased from 283 days to 132 days, and Day’s Inventories was decreased from 342 days to 76 days, while Day’s Receivables was increased from 41 days to 84 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 |
|