MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
DIAMRUSA LIMITED |
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Registered Office : |
66/7-10 Soi Pramote [Yesu], |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1981 |
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Com. Reg. No.: |
0105524026649 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Designer, manufacturer, exporter
and wholesaler of
elegant jewelry and
precious stones |
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 : |
Usually correct |
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Litigation : |
Clear |
name
DIAMRUSA LIMITED
SUMMARY
BUSINESS ADDRESS : 66/7-10 SOI
PRAMOTE [YESU],
SURIYAWONGSE, BANGRAK,
TELEPHONE : [66] 2237-8825-30
FAX : [66] 2236-6248
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1981
REGISTRATION NO. : 0105524026649 [Former: 2663/2524]
CAPITAL
REGISTERED : BHT.
50,000,000
CAPITAL
PAID-UP : BHT.
50,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SHAH SALIL
SEVANTILALS, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 104
LINES OF
BUSINESS : JEWELRY PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on November 6,
1981 as a
private limited company under
the initially registered
name “Industrial Dyestuff Limited” by Thai
and Indian groups.
On August 2,
1985, subject was
changed its name
to “Thai Add Holding
Limited” and changed again to
be DIAMRUSA LIMITED
on October 3, 1986.
The business objective
is a manufacturer various
kinds of jewelry
products for domestic and
export markets. It
currently employs approximately
104 staff.
It
is an affiliated
of Kanopas Limited,
which also engaged in
jewelry business.
The
subject’s registered address
is 66/7-10 Surawong
Rd., Suriyawongse, 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. Shah Salil Sevantilals |
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Indian |
47 |
|
Mr. Samir Sevantilal Shah |
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Indian |
49 |
|
Ms. Wattana Jitjaicham |
|
Thai |
46 |
|
Ms. Oraporn Ajchanakulchai |
|
Thai |
50 |
|
Ms. Ratanaporn Pimthong |
|
Thai |
43 |
|
Ms. Supatra Phongsawadkul |
|
Thai |
41 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Shah Salil
Sevantilals is the
Managing Director.
He is Indian
nationality with the
age of 47
years old.
Mrs. Monticha Dithasaro
is the Purchasing
Manager.
She is Thai
nationality.
Ms. Wattana Jitjaicham
is the Sales
& Marketing Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities
are designer, manufacturer,
exporter and wholesaler
of elegant jewelry
and precious stones,
mainly 14k and
18k fine gold
and platinum jewelry
set with diamonds
and other precious stones
and pearls, under
its owned brand name
“DIAMRUSA” as well
as customer’s own brands. The
subject is also a
distributor of precious
stones.
PURCHASE
Raw materials, mainly
diamond, precious stones
and component are purchased from
suppliers both in
domestic and overseas,
mainly India, Belgium,
South Africa and
Hong Kong.
EXPORT
98%
of the products
is exported to
Europe, United States
of America, Hong
Kong, Japan, India,
Korea, Malaysia and
Singapore.
SALES
2% of the products
is sold locally
to wholesalers.
PARENT COMPANY
Kanopas Limited :
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.
BANKER
Deutsche Bank
AG.
[
Krung Thai
Bank Public Co.,
Ltd.
[Head Office :
Bangkok Bank
Public Co., Ltd.
[Head Office :
EMPLOYMENT
The
subject employs 104
office staff and
factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office
in 3 storey
building of 4
row shop houses at the
heading address. Premise
is located in
a prime commercial
area.
COMMENT
The subject manufactures of fine
jewelry products made from
gold and platinum
with diamond and
precious stones. Most
of its products
are supplied to international
buyers. It is also distributed precious stones, which has strong demand
from local market.
Since
its establishment in
1986, the subject has captured
a worldwide market
as designer, manufacturer,
exporter and wholesaler
of elegant jewelry
and precious stone.
It presents a
wide range of
exclusive high-end pieces
as well as
chic jewelry in
commercial price ranges.
Its creative with
unique and innovative designs in
modern concepts has
enabled the company
to be well
known by worldwide customers.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 1,000 shares
of Bht. 1,000
each.
The
capital was increased
later as following:
Bht. 3,000,000
on October 3,
1986
Bht. 15,000,000
on April 24,
1989
Bht. 25,000,000
on June 23,
1989
Bht. 50,000,000
on January 18,
1993
The
latest registered capital
was increased to
Bht. 50,000,000 divided
into 50,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
May 10,
2006]
|
NAME |
HOLDING |
% |
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Kanopas Limited Nationality: Thai Address : Bangrak, |
37,597 |
75.20 |
|
Mr. Shah Salil
Sevantilals Nationality: Indian Address : Sathorn, |
6,000 |
12.00 |
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Mr. Samir Sevantilals
Shah Nationality: Indian Address : 57/29
Thungmahamek, Sathorn, |
6,000 |
12.00 |
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Ms. Wattana Jitjaicham Nationality: Thai Address : Bangrak, |
400 |
0.80 |
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Ms. Supatra Phongsawadkul Nationality: Thai Address : 51/164
Moo 1, Nongkaem,
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1 |
- |
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Ms.
Ratanaporn Pimthong Nationality: Thai Address : Bangrak, |
1 |
- |
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Ms. Oraporn Ajchanakulchai Nationality: Thai Address : 9/203
Moo 7,
Jomthong, |
1 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Mrs. Sumalee Sribioonrueng
No. 3146
BALANCE SHEET [BAHT]
The 2006 financial
statement has not
yet available during
this current investigation.
The latest financial figures published
as at December
31, 2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
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Cash in hand
& at Bank
|
9,993,106.29 |
5,818,901.52 |
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Trade Accts. Receivable |
289,834,275.57 |
262,272,757.35 |
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Inventories |
496,821,074.24 |
490,078,262.26 |
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Other Current Assets
|
7,639,801.70 |
4,543,390.34 |
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Total Current
Assets |
804,288,257.80 |
762,713,311.47 |
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Fixed Assets |
49,393,288.38 |
49,956,168.17 |
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Other Assets |
17,098,132.16 |
20,139,526.54 |
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Total Assets
|
870,779,678.34 |
832,809,006.18 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Bank Overdraft |
29,273,073.45 |
15,618,749.64 |
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Loan from Bank |
420,652,693.15 |
393,198,503.08 |
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Current Portion of
Long-term Loan |
17,000,000.00 |
12,000,000.00 |
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Trade Accts. Payable |
154,474,524.18 |
167,803,228.62 |
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Advance Income |
1,785,890.88 |
1,401,112.80 |
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Accrued Expenses |
30,140,576.64 |
39,308,095.22 |
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Rental Deposit |
180,000.00 |
- |
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Total Current
Liabilities |
653,506,758.30 |
629,329,689.36 |
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Loan from Directors |
54,000,000.00 |
35,000,000.00 |
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Long-term Liabilities |
3,000,000.00 |
20,000,000.00 |
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Total Liabilities |
710,506,758.30 |
684,329,689.36 |
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Shareholders'
Equity |
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 50,000 shares |
50,000,000.00 |
50,000,000.00 |
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Capital Paid |
50,000,000.00 |
50,000,000.00 |
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Surplus on Share
Capital |
12,538,563.11 |
12,538,563.11 |
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Retained Earning Appropriated for Statutory Reserve |
5,000,000.00 |
5,000,000.00 |
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Unappropriated |
92,734,356.93 |
80,940,753.71 |
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Total
Shareholders' Equity |
160,272,920.04 |
148,479,316.82 |
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Total
Liabilities & Shareholders' Equity |
870,779,678.34 |
832,809,006.18 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
715,144,944.04 |
712,867,573.35 |
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Gain on Exchange
Rate |
5,579,895.41 |
- |
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Other Income |
446,451.68 |
307,795.90 |
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Total Revenues
|
721,171,291.13 |
713,175,369.25 |
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Expenses |
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Cost of Goods
Sold |
593,893,871.45 |
593,640,604.07 |
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Selling & Administrative Expenses |
69,827,779.07 |
73,940,704.22 |
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Financial Expenses |
18,958,438.99 |
15,649,494.52 |
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Loss on Exchange
Rate |
- |
2,321,359.57 |
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Income Tax |
11,697,598.40 |
8,433,778.85 |
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Total Expenses |
694,377,687.91 |
693,985,941.23 |
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Net Profit / [Loss] |
26,793,603.22 |
19,189,428.02 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Sales |
0.32 |
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Operating |
1.64 |
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Net Profit |
39.63 |
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Fixed Assets |
[1.13] |
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Total Assets |
4.56 |
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Profitability |
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Cost of Goods
Sold |
83.05 |
83.28 |
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Operating Profit Margin |
16.95 |
16.72 |
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S&A expenses |
9.76 |
10.37 |
|
Other Revenues |
0.84 |
0.04 |
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Net Profit Margin |
3.75 |
2.69 |
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Earning Per Shares |
535.87 |
383.79 |
|
No. of Shares |
50,000 |
50.000 |
Net Sales was increased by 0.32%, Operating Profit was increased by 1.64%, Net Profit was increased by 39.63%, Fixed Assets was decreased by 1.13%, Total Assets was increased by 4.56%.
Compare each cost with sales, Cost of Goods Sold was decreased from 83.28% to 83.05%, Operating Profit Margin was increased from 16.72% to 16.95%, S & A Expenses were decreased from 10.37% to 9.76%, Other Revenues was increased from 0.04% to 0.84%, Net Profit Margin was increased from 2.69% to 3.75%.
Earning Per Shares
was increased from
383.79 baht per
share to 535.87
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.23 |
1.21 |
|
Quick - assets ratio |
0.46 |
0.43 |
Current Ratio was increased from 1.21 to 1.23, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was increased from 0.43 to 0.46, 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 |
4.43 |
4.61 |
D/E Ratio was decreased from 4.61 to 4.43, show the company had fund from Loan more than fund from Equity, investment risked of the company is high.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
14.48 |
14.27 |
|
Total Assets Turnover |
0.82 |
0.86 |
|
Return on Assets |
3.08 |
2.30 |
|
Return on Equity |
16.72 |
12.92 |
|
Day’s Payable |
94.94 |
103.17 |
|
Day’s Inventories |
305.34 |
301.32 |
|
Days’ Receivables |
147.93 |
134.29 |
Fixed Assets Turnover was increased from 14.27 times to 14.48 times, Total Assets Turnover was decreased from 0.86 times to 0.82 times, show the company could use Fixed Assets so efficiently, and Return on Assets was increased from 2.30 to 3.08, Return on Equity was increased from 12.92 to 16.72, capacity to use Assets to make profit was good.
Day’s Payable was
decreased from 104
days to 95
days, while Day’s
Inventories was increased
from 302 days
to 306 days,
and Day’s Receivables
was increased from
135 days to
148 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 |
|
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 |
|
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 |
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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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)