MIRA
INFORM REPORT
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Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MILI STAR CO., LTD. |
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Registered Office : |
29th Floor,
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1990 |
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Com. Reg. No.: |
0105533125751 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and distributing various
kinds of diamonds,
gemstone and jewelry
products |
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
MILI STAR CO., LTD.
SUMMARY
BUSINESS ADDRESS : 29th FLOOR,
TELEPHONE : [66] 2630-0138-9
FAX : [66] 2630-0137
E-MAIL ADDRESS : milistar@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1990
REGISTRATION NO. : 0105533125751
CAPITAL
REGISTERED : BHT.
13,000,000
CAPITAL
PAID-UP : BHT.
13,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. DESAI MAHGUDRA
KUMAR CHHAGAN
BHBI, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 10
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 October 19,
1990 as a
private limited company under
the name style
MILI STAR CO.,
LTD., by Thai
and Indian groups, with
the objective to engage in
diamonds and jewelry
trading business. It
currently employs approximately
10 staff.
The
subject’s registered address
is 919/366 Jewelry
Trade Center Bldg.,
Silom Rd., Silom,
Bangrak, Bangkok 10500,
and this is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
Mr. Desai Mahgudra Kumar Chhagan Bhbi
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Desai Mahgudra
Kumar Chhagan Bhbi
is the Managing
Director.
He is Indian
nationality with the
age of 28
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of diamonds,
gemstone and jewelry
products, as well
as exporting of
diamonds and jewelry
products.
PURCHASE
The products are
purchased from suppliers
both in domestic
and overseas, mainly
India, Hong Kong
and Australia.
MAJOR SUPPLIER
Laxmi Diamond
Pvt. Ltd. :
SALES
The products are
sold to customers
both local and
overseas in Europe
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
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
10 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 operating performance
is considered satisfactory
with a drastic increase
in its sale
revenue in 2005
comparing to the
previous year. In
general, the subject’s remains
moderate.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 4,000,000
on September 20,
1993
Bht. 6,000,000
on March 27,
1996
Bht. 8,000,000
on January 11,
2001
Bht. 13,000,000
on September 1,
2004
The
latest registered capital
was increased to
Bht. 13,000,000 divided into
130,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
February 15,
2007]
|
NAME |
HOLDING |
% |
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Mr. Desai Mahgudra Kumar Chhagan Bhbi Nationality: Indian Address : |
21,500 |
16.54 |
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Mr. Shah Metesh
Kumar Prawinchandra Nationality: Indian Address : |
21,100 |
16.23 |
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Mr. Umesh Razikbye
Lakani Nationality: Indian Address : |
21,100 |
16.23 |
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Mr.
Taweesak Bintorleb Nationality: Thai Address : 13/1
Moo 9, Monthong,
Bangnampriew, Chachoengsao |
16,575 |
12.75 |
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Mrs. Suree Tuanjeen Nationality: Thai Address : 33
Moo 2, Klongsan,
Bangbor, Samutprakarn |
16,575 |
12.75 |
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Mrs.
Kamaria Masyoh Nationality: Thai Address : 61/5
Singtothong, Bangnampriew, Chachoengsao |
16,575 |
12.75 |
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Ms. Zorba Boonmalert Nationality: Thai Address : 45 Yothaka, Bangnampriew, Chachoengsao |
16,575 |
12.75 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Thanawat Ek-aranpong No.
5465
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
[note 1] |
1,260,592.53 |
1,178,467.02 |
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Trade Accts. Receivable |
68,914,236.49 |
33,614,122.26 |
|
Inventories |
57,300,017.38 |
120,957,061.86 |
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Other Current Assets
|
543,970.75 |
163,145.87 |
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Total Current
Assets |
128,018,817.15 |
155,912,797.01 |
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Fixed Assets [note 2] |
1,846,352.20 |
2,420,327.22 |
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Other Assets |
405,000.00 |
- |
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Total Assets
|
130,270,169.35 |
158,333,124.23 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Trade Accts. Payable |
113,588,651.26 |
136,235,801.42 |
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Short-term Loan from
Related Person |
- |
997,556.12 |
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Accrued Expenses |
346,195.69 |
454,919.94 |
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Accrued Income Tax |
564,258.16 |
626,566.03 |
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Other Current Liabilities |
426,372.66 |
192,860.91 |
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Total Current
Liabilities |
114,925,477.77 |
138,507,104.42 |
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Total Liabilities |
114,925,477.77 |
138,507,104.42 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 130,000 shares |
13,000,000.00 |
13,000,000.00 |
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Capital Paid |
13,000,000.00 |
13,000,000.00 |
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Retained Earning -
Unappropriated |
2,344,691.58 |
6,826,019.81 |
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Total
Shareholders' Equity |
15,344,691.58 |
19,826,019.81 |
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Total
Liabilities & Shareholders' Equity |
130,270,169.35 |
158,333,124.23 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
Oct.
19, 2004 – Dec. 31,
2004 |
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Sales |
221,074,581.43 |
13,833,921.85 |
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Other Income |
- |
7,980,846.16 |
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Total Revenues
|
221,074,581.43 |
21,814,768.01 |
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Expenses |
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Cost of Goods
Sold |
211,839,174.45 |
17,845,978.78 |
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Selling & Administrative Expenses |
13,716,735.21 |
2,102,818.95 |
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Total Expenses |
225,555,909.66 |
19,948,797.73 |
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Profit / [Loss] Before Income
Tax |
[4,481,328.23] |
1,865,970.28 |
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Income Tax |
- |
[564,258.16] |
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Net Profit / [Loss] |
[4,481,328.23] |
1,301,712.12 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at
Bank
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|
2005 |
2004 |
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Cash in hand |
929,818.00 |
360,554.57 |
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Cash at bank |
330,774.53 |
817,912.45 |
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Total
|
1,260,592.53 |
1,178,467.02 |
NOTE 2
Fixed Assets
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|
2005 |
2004 |
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Office Automation |
547,869.72 |
527,967.76 |
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Vehicle |
2,702,149.53 |
2,702,149.53 |
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Hand Tools |
122,808.00 |
122,808.00 |
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Office Furniture |
13,600.00 |
- |
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Total |
3,386,427.25 |
3,352,925.29 |
|
Less: Depreciation |
[1,540,075.05] |
[932,598.07] |
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Total
|
1,846,352.20 |
2,420,327.22 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
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Net Sales |
1,498.06 |
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Operating Profit |
[115.03] |
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Net Profit |
[444.26] |
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Fixed Assets |
[23.71] |
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Total Assets |
[17.72] |
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Profitability |
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Cost of Good
Sold |
95.82 |
129.00 |
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Operating Profit Margin |
[2.03] |
13.49 |
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S & A
Expenses |
6.20 |
15.20 |
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Other Revenues |
0.00 |
57.69 |
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Net Profit Margin |
[2.03] |
9.41 |
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Earning Per Shares |
[34.47] |
10.01 |
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No. of Shares |
130,000 |
130,000 |
Net Sales was
increased by 1,498.06%,
Operating Profit was
decreased by 115.03%,
Net Profit was
decreased by 444.26%,
Fixed Assets was
decreased by 23.71%,
Total Assets was
decreased by 17.72%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 129.00%
to 95.82%, Operating
Profit Margin was
decreased from 13.49%
to -2.03%, S &
A Expenses was
decreased from 15.20%
to 6.20%, Other
Revenues was decreased
from 57.69% to
0.00%, Net Profit
Margin was decreased
from 9.41% to
-2.03%.
Earning Per Shares
was decreased from
10.01 baht per
share to -34.47
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.11 |
1.13 |
|
Quick-Assets Ratio |
0.61 |
0.25 |
Current Ratio was
decreased from 1.13
to 1.11, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.25 to 0.61,
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 |
7.49 |
6.99 |
D/E Ratio was
increased from 6.99
to 7.49, 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 |
119.74 |
5.72 |
|
Total Assets Turnover |
1.70 |
0.09 |
|
Return on Assets |
[3.44] |
0.82 |
|
Return on Equity |
[29.20] |
6.57 |
|
Day's Payable |
184.97 |
3,545.26 |
|
Day’s Inventories |
93.31 |
3,147.66 |
|
Day’s Receivables |
112.22 |
874.74 |
Fixed Assets Turnover
was increased from
5.72 times to
119.74 times, Total
Assets Turnover was
increased from 0.09
times to 1.70
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
0.82 to -3.44,
Return on Equity
was decreased from
6.57 to -29.20,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
decreased from 3,546
days to 185
days, Day’s Inventories
was decreased from
3,148 days to
94 days, and
Day’s Receivables was
decreased from 875
days to 113
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 |
|
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 |
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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%)