MIRA
INFORM REPORT
|
Report Date : |
16.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
NEEL STAR CO., LTD. |
|
|
|
|
Registered Office : |
Room
E-1, 11th Floor,
Bangkok Gems & Jewelry Bulding,
322/16 Surawong Road, Siphraya, Bangrak,
Bangkok 10500 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
1997 |
|
|
|
|
Com. Reg. No.: |
0105540017233 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Importing, distributing and
exporting of gemstones,
diamonds and 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
NEEL STAR CO., LTD.
SUMMARY
BUSINESS ADDRESS : ROOM E-1,
11th FLOOR,
JEWELRY BULDING,
SIPHRAYA, BANGRAK,
TELEPHONE : [66] 2631-4107,
081 639-2585
FAX : [66] 2631-4108
E-MAIL ADDRESS : neelstar@hotmail.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1997
REGISTRATION NO. : 0105540017233 [Former : 252/2540]
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP
: BHT. 4,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PARESHKUMAR MANILAL MEHTA,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 4
LINES OF
BUSINESS : DIAMONDS AND
JEWELRY PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on February 18,
1997 as a
private limited company by
Thai and Indian
groups, under the name
style NEEL STAR
CO., LTD., in
order to operate
in jewelry trading
business. It currently
employs 4 staff.
The
subject’s registered address
was initially located
at 297 Wanglee
Bldg., Surawong Rd.,
Suriyawongse, Bangrak, Bangkok
10500.
On
May 22, 2006,
it was relocated
to 322/16 Bangkok
Gem & Jewelry Bldg., Surawong
Rd., Siphraya, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
Mr. Pareshkumar Manilal Mehta
AUTHORIZED PERSON
The above
director can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Pareshkumar Manilal
Mehta is
the Managing Director.
He is
Indian nationality with
the age of
42 years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing, distributing and
exporting of gemstones,
diamonds and jewelry
products.
PURCHASE
The products
are purchased from
suppliers both local
and overseas, mainly
in India.
SALES
The products
are sold locally
to traders, manufacturers
and end-users.
EXPORT
The products
is exported to
India, Hong Kong
and U.S.A.
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 credit term
of 30 days.
Imports are
by L/C at
sight or T/T.
Exports are
against L/C at
sight or T/T.
BANKING
The subject
was not disclosed
its banker’s name.
EMPLOYMENT
The
subject employs 4
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
Thai
jewelry industry including
diamond and precious
stones trading are
still in strong demand.
The subject’s
customers are jewelry shop and
jewelry factory. Its
sales is modest.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
2,000,000 divided into 20,000 shares of
Bht. 100 each.
On
March 1, 2005,
the capital was
increased to Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 3, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pareshkumar Manilal
Mehta Nationality: Indian Address : |
19,600 |
49.00 |
|
Ms. Muranee E-yong Nationality: Thai Address :
151 Moo 5,
Galisa, Ra-ngae, Narathiwas |
3,400 |
8.50 |
|
Mr. Sanit
On-pla Nationality: Thai Address :
173 Moo 5,
Saisor, Chumpae, Khon
Kaen |
3,400 |
8.50 |
|
Sub-Lt. Ilyas Hayee-awae Nationality: Thai Address :
1 Moo 1,
Waeng, Narathiwas |
3,400 |
8.50 |
|
Mr. Nuh
Denmalai Nationality: Thai Address :
25 Moo 2,
Lamnampud, Muang, Pang-nga |
3,400 |
8.50 |
|
Mr. Kairudin Hayeemanu Nationality: Thai Address :
167/1 Moo 2,
Waeng, Narathiwas |
3,400 |
8.50 |
|
Mr. Natree
Kajee Nationality: Thai Address :
151 Moo 7,
Tanyongmas, Ra-ngae, Narathiwas |
3,400 |
8.50 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr.
Sophon Pholvilai No. 1408
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Bank |
528,130.26 |
119,283.35 |
|
Trade Accts.
Receivable |
2,504,424.57 |
2,516,574.99 |
|
Receivable-Revenue Department |
7,202.01 |
131,616.18 |
|
Inventories |
3,339,133.45 |
1,814,150.27 |
|
Other Current
Assets |
949.31 |
- |
|
Total
Current Assets |
6,379,839.60 |
4,581,624.79 |
|
|
|
|
|
Fixed
Assets |
8,935.00 |
11,913.00 |
|
Prepaid Income
Tax |
27,300.00 |
27,300.00 |
|
Other
Assets |
1,980,000.00 |
- |
|
Total
Assets |
8,396,074.60 |
4,620,837.79 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts.
Payable |
4,405,444.36 |
2,951,544.86 |
|
Other Current
Liabilities |
40,831.07 |
17,444.62 |
|
Total Current Liabilities |
4,446,275.43 |
2,968,989.48 |
|
Total
Liabilities |
4,446,275.43 |
2,968,989.48 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share
capital : Baht 100 par
value authorized,
issued and fully
paid
share capital 40,000 & 20,000 shares
in 2005 & 2004 |
4,000,000.00 |
2,000,000.00 |
|
Capital Paid |
4,000,000.00 |
2,000,000.00 |
|
Retained Earning - Unappropriated |
[50,200.83] |
[348,151.69] |
|
Total Shareholders' Equity |
3,949,799.17 |
1,651,848.31 |
|
Total Liabilities &
Shareholders' Equity |
8,396,074.60 |
4,620,837.79 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
12,226,312.43 |
4,752,734.79 |
|
Profit/[Loss] on
Exchange Rate |
[257,325.18] |
265,842.05 |
|
Other Income |
1,023.59 |
- |
|
Total
Revenues |
11,970,010.84 |
5,018,576.84 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
10,683,877.02 |
4,149,557.08 |
|
Selling &
Administrative Expenses |
935,155.33 |
963,757.71 |
|
Total Expenses
|
11,619,032.35 |
5,113,314.79 |
|
Profit
/ [Loss] Before Income
Tax |
350,978.49 |
[94,737.95] |
|
Income Tax |
[53,027.63] |
[12,196.44] |
|
Net
Profit / [Loss] |
297,950.86 |
[106,934.39] |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
157.25 |
|
|
Operating |
[244.01] |
|
|
Net Profit |
378.63 |
|
|
Fixed Assets |
[25.00] |
|
|
Total Assets |
81.70 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
87.38 |
87.31 |
|
Operating Profit
Margin |
2.87 |
[1.99] |
|
S&A expenses |
7.65 |
20.28 |
|
Other Revenues |
[2.10] |
5.59 |
|
Net Profit
Margin |
2.44 |
[2.25] |
|
Earning Per
Shares |
7.45 |
[5.35] |
|
No. of
Shares |
40,000 |
40,000 |
Net Sales was increased by 157.25%, Operating Profit was decreased by 244.01%, Net Profit was increased by 378.63%, Fixed Assets was decreased by 25.00%, Total Assets was increased by 81.70%.
Compare each cost with sales, Cost of Goods Sold was increased from 87.31% to 87.38%, Operating Profit Margin was increased from -1.99% to 2.87%, S & A Expenses were decreased from 20.28% to 7.65%, Other Revenues was decreased from 5.59% to-2.10%, Net Profit Margin was increased from -2.25% to 2.44%.
Earning Per
Shares was increased
from -5.35 baht
per share to
7.45 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.43 |
1.54 |
|
Quick
- assets ratio |
0.68 |
0.93 |
Current Ratio was decreased from 1.54 to 1.43, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was decreased from 0.93 to 0.68, 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 |
1.13 |
1.80 |
D/E Ratio was decreased from 1.80 to 1.13, show the company had fund from Loan more than fund from Equity, investment risked of the company is medium.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
1,368.36 |
398.95 |
|
Total Assets
Turnover |
1.46 |
1.03 |
|
Return on
Assets |
3.55 |
[2.31] |
|
Return on
Equity |
7.54 |
[6.47] |
|
Day’s Payable |
129.72 |
223.57 |
|
Day’s Inventories |
98.32 |
137.41 |
|
Days’ Receivables |
73.74 |
190.62 |
Fixed Assets Turnover was increased from 398.95 times to 1,368.36 times, Total Assets Turnover was increased from 1.03 times to 1.46 times, show the company could use Assets so efficiently, and Return on Assets was increased from -2.31 to 3.55, Return on Equity was increased from -6.47 to 7.54, capacity to use Assets to make profit was good.
Day’s Payable was decreased from 224 days to 130 days, Day’s Inventories was decreased from 136 days to 99 days, and Day’s Receivables was decreased from 191 days to 74 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 |
|