MIRA
INFORM REPORT
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Report Date : |
23rd
January, 2007 |
IDENTIFICATION DETAILS
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Name : |
H. V. JEWELS CO., LTD. |
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Registered Office : |
3rd, 5th Floor, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
19.11.2004 |
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Com. Reg. No.: |
0105547155992 [Former : 0108454726282] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturing service
of jewellery products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company Name
H. V. JEWELS
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 3rd, 5th FLOOR,
T.
KLONGTONSAI, A. KLONGSAN,
TELEPHONE : [66] 2862-2733
FAX :
[66] 2862-2736
E-MAIL ADDRESS : bangkok@hvinodkumar.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO. : 0105547155992 [Former : 0108454726282]
CAPITAL REGISTERED : BHT. 12,000,000
CAPITAL PAID-UP
: BHT. 12,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SAMIR PRAGJIBHAI
PATEL, INDIAN
MANAGING
DIRECTOR
NO. OF
STAFF : 70
LINES OF
BUSINESS : JEWELRY PRODUCTS
MANUFACTURER
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 November
19, 2004 as a
private limited company under
the name style
H. V. JEWELS CO.,
LTD., by Thai and
Indian groups, with
the business objective
to manufacture wide
range of jewelry
products for exports.
It currently employs
approximately 70 staff.
The
subject’s registered address
is 79/2 SPD
Bldg., Krungthonburee Rd.,
Klongtonsai, Klongsan, Bangkok
10600, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr.
Ashokbhai Mohanbhai Sagriya |
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Indian |
36 |
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Mr.
Samir Pragjibhai Patel |
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Indian |
25 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Samir
Pragjibhai Patel
is the Managing
Director.
He is
Indian nationality with
the age of
25 years old.
Mr. Amit
Bhansikumar Brahmbhah
is the Sales & Marketing Manager.
He is
Indian nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing service of
jewelry products, with
tapers, baguettes and
brilliant cut diamonds,
and a wide
range of the
products including ring,
earring, pendant sets,
bracelets, necklace sets
and etc., according
customer’s requirement.
PURCHASE
Raw materials such as
diamond, precious stone,
as well as
accessories are purchased
from suppliers and
agents both local
and overseas, mainly in
India, Japan, Belgium,
and Russia.
EXPORT
100% of
the products is
exported to Hong
Kong, U.S.A., European
and Middle East
countries.
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
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 70
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and factory at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
An exports of jewelry market
had steady growth
and scenario assumed
likely a 10% increase
annually.
The
company’s business performance
in 2005 was healthy,
but likely to
slow down this
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000
divided into 100,000
shares of Bht.
100 each.
The
capital was decreased
and increased later
as following:
Bht. 5,000,000
on April 18,
2005 [decreased]
Bht. 10,000,000
on June 16,
2005 [increased]
Bht. 12,000,000
on July 13,
2006 [increased]
The
latest registered capital
was increased to
Bht. 12,000,000 divided into
120,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at November
7, 2006]
|
NAME |
HOLDING |
% |
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Mr. Ashokbhai Mohanbhai
Sagriya Nationality: Indian Address : Klongsan, |
29,800 |
24.83 |
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Ms. Ratanaporn Loravee Nationality: Thai Address :
14 Moo 11,
Sranokkaew, Ponethong, Roi-ed |
16,050 |
13.37 |
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Mr. Mana
Kamanee Nationality: Thai Address :
315/84 Moo 2,
Thungsongjong, Laksi, |
16,050 |
13.37 |
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Mr. Samir
Pragjibhai Patel Nationality: Indian Address : Klongsan, |
15,000 |
12.50 |
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Mrs. Kanyarat Boonthieng Nationality: Thai Address :
62 Moo 8,
Takian, Dankhunthod, Nakornratchasima |
14,550 |
12.13 |
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Ms. Namfon
Reanchangreed Nationality: Thai Address :
62 Moo 8,
Takian, Dankhunthod, Nakornratchasima |
14,550 |
12.13 |
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Mr. Amit
Bhansikumar Brahmbhah Nationality: Indian Address : Klongsan, |
14,000 |
11.67 |
Total
Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr.
Sakchai Prachakboonjesada No.
5927
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
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Current Assets |
2005 |
2004 |
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Cash in
hand & at
Bank |
911,911.76 |
4,933,349.09 |
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Trade Accts.
Receivable |
22,819,412.08 |
- |
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Inventories [note 1] |
30,755,412.33 |
- |
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Other Current
Assets [note 2] |
444,354.37 |
1,845.06 |
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Total
Current Assets |
54,931,090.54 |
4,935,194.15 |
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Fixed
Assets |
468,522.96 |
- |
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Total
Assets |
55,399,613.50 |
4,935,194.15 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Trade Accts.
Payable |
42,278,606.05 |
- |
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Accrued Income
Tax |
279,555.97 |
- |
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Other Current
Liabilities [note 3] |
447,535.34 |
66,203.01 |
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Total Current Liabilities |
43,005,697.36 |
66,203.01 |
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Long Term
Loan from Directors |
3,550,000.00 |
- |
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Total
Liabilities |
46,555,697.36 |
66,203.01 |
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Shareholders' Equity |
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Share
capital : Baht 100 par
value authorized,
issued and fully
paid
share capital 100,000 & 50,000 shares in
2005 & 2004 |
10,000,000.00 |
5,000,000.00 |
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Capital Paid |
10,000,000.00 |
5,000,000.00 |
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Retained Earning - Unappropriated |
[1,156,083.86] |
[131,008.86] |
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Total Shareholders' Equity |
8,843,916.14 |
4,868,991.14 |
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Total Liabilities &
Shareholders' Equity |
55,399,613.50 |
4,935,194.15 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2005 |
Nov. 19, 2004- Dec. 31, 2004 |
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Sales |
39,930,208.87 |
- |
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Total
Revenues |
39,930,208.87 |
- |
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Expenses |
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Cost of
Goods Sold |
37,075,096.61 |
- |
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Selling
&
Administrative Expenses |
3,585,631.29 |
131,008.86 |
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Total Expenses
|
40,660,727.90 |
131,008.86 |
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Profit
/ [Loss] Before Income
Tax |
[730,519.03] |
[131,008.86] |
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Income Tax |
[294,555.97] |
- |
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Net
Profit / [Loss] |
[1,025,075.00] |
[131,008.86] |
FINANCIAL NOTE
NOTE
1 Inventories
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2005 |
2004 |
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Raw Material |
30,556,263.08 |
- |
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Finished Goods |
199,149.25 |
- |
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Total |
30,755,412.33 |
- |
NOTE
2 Other Current
Assets
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2005 |
2004 |
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Prepaid Expenses |
4,000.00 |
- |
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Advanced Paid |
9,900.00 |
- |
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Receivable-Revenue Department |
390,727.64 |
- |
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Undue Business
Tax |
39,726.73 |
1,845.06 |
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Total |
444,354.37 |
1,845.06 |
NOTE
3 Other Current
Liabilities
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2005 |
2004 |
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Accrued Expenses |
352,138.85 |
66,203.01 |
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Accrued Withholding
Income Tax |
24,675.49 |
- |
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Accrued Social
Securities |
70,721.00 |
- |
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Total |
447,535.34 |
66,203.01 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual
Growth |
2005 |
2004 |
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Net Profit |
[682.45] |
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Total Assets |
1,022.54 |
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Profitability |
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Cost of
Goods Sold |
92.85 |
- |
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Operating Profit
Margin |
[1.83] |
- |
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S&A expenses |
8.98 |
- |
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Net Profit
Margin |
[2.57] |
0.00 |
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Earning Per
Shares |
[10.25] |
[2.62] |
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No. of
Shares |
100,000 |
50,000 |
Net Profit was
decreased by 682.45%,
Total Assets was
increased by 1,022.54%.
Compare each cost
with sales, Cost
of Goods Sold
was 92.85%, Operating
Profit Margin was
-1.83%, S &
A Expenses were
-8.98%, Net Profit
Margin was decreased
from 0.00% to
-2.57%.
Earning Per
Shares was decreased
from -2.62 baht
per share to -10.25
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.28 |
74.55 |
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Quick
- assets ratio |
0.55 |
74.52 |
Current Ratio
was decreased from
74.55 to 1.28,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company
was good, and
Quick-assets Ratio was
decreased from 74.52
to 0.55, capacity
to pay Short
Term Loan was
not good, because
Current Assets without
Inventory can not
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
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D/E Ratio |
5.26 |
0.01 |
D/E Ratio was
increased from 0.01
to 5.26, 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 |
2005 |
2004 |
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Fixed Assets
Turnover |
85.23 |
0.00 |
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Total Assets
Turnover |
0.72 |
0.00 |
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Return on
Assets |
[1.85] |
[2.65] |
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Return on
Equity |
[11.59] |
[2.69] |
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Day’s Payable |
381.17 |
- |
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Day’s Inventories |
277.28 |
- |
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Days’ Receivables |
205.73 |
- |
Fixed Assets Turnover
was 85.23 times,
Total Assets Turnover
was 0.72 times,
show the company
could use Assets
so efficiently, and
Return on Assets
was decreased from
-2.65 to -1.85,
Return on Equity
was decreased from
-2.69 to -11.59,
capacity to use
Assets to make
profit was not
good.
Day’s Payable
was 382 days, Day’s
Inventories was 278
days, and Day’s
Receivables was 205.73
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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