MIRA
INFORM REPORT
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Report Date : |
13.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHUBHAM INTERNATIONAL CO., LTD. |
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Registered Office : |
21st Floor, Jewelry
Trade Center Building, 919/270 Soi
Silom 19, Silom
Road, 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 : |
1998 |
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Com. Reg. No.: |
0105541051958 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Importing, distributing and exporting various
kinds of diamond,
pearl and gemstones. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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
SHUBHAM INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS ADDRESS : 21st
FLOOR, JEWELRY TRADE
CENTER BUILDING,
919/270
SOI SILOM 19,
SILOM ROAD,
BANGRAK, BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2268-1512-3
FAX :
[66] 2630-3354
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1998
REGISTRATION NO.
: 0105541051958 [Former : 772/2541]
CAPITAL REGISTERED : BHT. 16,000,000
CAPITAL PAID-UP
: BHT. 16,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. BHUPENDRA
KUMAR, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 6
LINES OF
BUSINESS : DIAMONDS
AND GEMSTONES
IMPORTER, DISTRIBUTOR
& 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 August 20,
1998 as a
private limited company
under the name
style SHUBHAM INTERNATIONAL CO., LTD., by Indian groups,
in order to
distribute diamonds and
gemstones to jewelry industry. It
currently employs 6
staff.
The
subject’s registered address
was initially located
at 297 Wanglee Building, Surawongse
Rd., Suriyawongse, Bangrak,
Bangkok 10500.
In
October 2006, it
was relocated to
919/270 Jewelry Trade
Center Bldg., Silom
19 Rd., Silom,
Bangrak, Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr.
Abhishek Lalwani |
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Indian |
27 |
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Mr. Bhupendra
Kumar |
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Indian |
40 |
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Mr. Jayant
Bohra |
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Indian |
29 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Bhupendra Kumar
is the Managing Director.
He is
Indian nationality with
the age of
40 years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing, distributing and
exporting various kinds
of diamond, pearl
and gemstones.
PURCHASE
The
products are purchased
from both domestic
and overseas suppliers
in India and
South Africa.
SALES
The
products are sold
locally to traders
and manufacturers.
EXPORT
Its
products are also exported to
traders in India,
Hong Kong, Japan
and European countries.
REVENUE
The
subject’s revenue in
2006 was increased
around 5-10% 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 credit term
of 30 days.
Local
bills are paid
by cash or
on the credit term of 30 days.
Imports
are by L/C at sight
or T/T.
Exports
are against L/C
at sight.
BUSINESS TRANSACTION
Most
of the products are sold
to customers by
cash, therefore, it
has no problem on its
account receivable.
BANKING
Kasikornbank Public Co.,
Ltd.
[Silom Branch : Silom Rd.,
Silom, Bangrak, Bangkok
10500]
EMPLOYMENT
The
subject employs 6 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
The subject’s main customers are jewelry
shop and small factory, however its
business performance was
good and expand
steadily.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
4,000,000 divided into
40,000 shares of
Bht. 100 each.
On
December 16, 2002,
the capital was
increased to Bht. 16,000,000 divided into
160,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE : [
as at
November 1, 2006]
|
NAME |
HOLDING |
% |
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Mr.
Bhupendra Kumar Nationality: Indian Address :
919/270 Silom Rd.,
Silom, Bangrak, Bangkok |
28,000 |
17.50 |
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Mrs.
Cholrudee Chantadul Nationality: Thai Address :
225/29 Petchburi Rd.,
Tungphyathai, Rajthevee, Bangkok
10400 |
27,200 |
17.00 |
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Mr.
Prasert Langsanti Nationality: Thai Address :
283 Dindaeng Rd.,
Samsennai, Phyathai, Bangkok 10400 |
27,200 |
17.00 |
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Mrs.
Supunnee Kruzor Nationality: Thai Address :
13/314 Moo 5, Klongkum,
Buengkum, Bangkok |
27,200 |
17.00 |
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Mr. Abhishek Lalwani Nationality: Indian Address :
919/270 Silom Rd.,
Silom, Bangrak, Bangkok |
20,000 |
12.50 |
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Mr. Jayant Bohra Nationality: Indian Address :
919/270 Silom Rd.,
Silom, Bangrak, Bangkok |
20,000 |
12.50 |
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Mrs.
Zema Nationality: Indian Address :
India |
10,400 |
6.50 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mrs. Vasana
Tanmongkol No. 1888
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
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Cash in
hand & at
Bank |
745,221.67 |
147,457.22 |
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Trade Accts.
Receivable |
33,527,822.90 |
25,910,468.12 |
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Inventories |
34,993,283.52 |
33,564,404.89 |
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Other Current Assets |
192,285.52 |
246,975.72 |
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Total
Current Assets |
69,458,613.61 |
59,869,305.95 |
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Fixed
Assets |
1,117,262.78 |
1,511,088.99 |
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Other
Assets |
- |
365,000.00 |
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Total
Assets |
70,575,876.39 |
61,745,394.94 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Trade Accts.
Payable |
41,833,601.80 |
40,407,524.64 |
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Other Current
Liabilities |
224,108.92 |
1,237,928.31 |
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Total Current Liabilities |
42,057,710.72 |
41,645,452.95 |
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Payable Loan
from Director |
9,872,000.00 |
1,300,000.00 |
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Hire-Purchase Payable |
853,998.81 |
1,302,798.81 |
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Total
Liabilities |
52,783,709.53 |
44,248,251.76 |
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Shareholders' Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 160,000
shares |
16,000,000.00 |
16,000,000.00 |
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Capital Paid |
16,000,000.00 |
16,000,000.00 |
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Retained Earning - Unappropriated |
1,792,166.86 |
1,497,143.18 |
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Total Shareholders' Equity |
17,792,166.86 |
17,497,143.18 |
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Total Liabilities &
Shareholders' Equity |
70,575,876.39 |
61,745,394.94 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales
- Local Sales |
10,864,165.74 |
8,546,528.44 |
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Sales
- Export |
53,734,804.19 |
39,051,792.43 |
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Discount Paid
|
- |
[0.08] |
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Other Income |
48,892.00 |
- |
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Gain on
Exchange Rate |
476,151.69 |
734,172.89 |
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Total
Revenues |
65,124,013.62 |
48,332,493.68 |
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Expenses |
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Cost of
Goods Sold |
60,776,944.36 |
44,044,415.77 |
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Selling &
Administrative Expenses |
3,723,709.57 |
3,728,497.98 |
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Total Expenses
|
64,500,653.93 |
47,772,913.75 |
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Profit
/ [Loss] Before Income
Tax |
623,359.69 |
559,579.93 |
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Income Tax |
[328,336.01] |
[290,598.63] |
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Net Profit / [Loss] |
295,023.68 |
268,981.30 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
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Annual
Growth |
2005 |
2004 |
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Sales
|
35.72 |
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Operating |
[17.92] |
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Net Profit |
9.68 |
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Fixed Assets |
[26.06] |
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Total Assets |
14.30 |
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Profitability |
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Cost of
Goods Sold |
94.08 |
92.53 |
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Operating Profit
Margin |
0.96 |
1.18 |
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S&A expenses |
5.76 |
7.83 |
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Other Revenues |
0.81 |
1.54 |
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Net Profit
Margin |
0.46 |
0.57 |
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Earning Per
Shares |
1.84 |
1.68 |
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No. of
Shares |
160,000 |
160,000 |
Net Sales was increased by 35.72%, Operating Profit was decreased by 17.92%, Net Profit was increased by 9.69%, Fixed Assets was decreased by 26.06%, Total Assets was increased by 14.30%.
Compare each cost with sales, Cost of Goods Sold was increased from 92.53% to 94.08%, Operating Profit Margin was decreased from 1.18% to 0.96%, S & A Expenses were decreased from 7.83% to 5.76%, Other Revenues was decreased from 1.54% to 0.81%, Net Profit Margin was decreased from 0.57% to 0.46%.
Earning Per
Shares was increased
from 1.68 baht
per share to
1.84 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.65 |
1.44 |
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Quick
- assets ratio |
0.81 |
0.63 |
Current Ratio was increased from 1.44 to 1.65, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was increased from 0.63 to 0.81, 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 |
2005 |
2004 |
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D/E Ratio |
2.97 |
2.53 |
D/E Ratio was increased from 2.53 to 2.97, show the company had fund from Loan more than fund from Equity, investment risked of the company is medium.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets Turnover |
57.82 |
31.50 |
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Total Assets
Turnover |
0.92 |
0.77 |
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Return on
Assets |
0.42 |
0.44 |
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Return on
Equity |
1.66 |
1.54 |
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Day’s Payable |
233.13 |
305.61 |
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Day’s Inventories |
195.01 |
253.86 |
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Days’ Receivables |
186.85 |
195.97 |
Fixed Assets Turnover was increased from 31.50 times to 57.82 times, Total Assets Turnover was increased from 0.77 times to 0.92 times, show the company could use Assets so efficiently, and Return on Assets was decreased from 0.44 to 0.42, Return on Equity was increased from 1.54 to 1.66, capacity to use Assets to make profit was good.
Day’s Payable was decreased from 306 days to 234 days, Day’s Inventories was decreased from 254 days to 196 days, and Day’s Receivables was decreased from 196 days to 187 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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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