MIRA
INFORM REPORT
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Report Date : |
12.07.2007 |
IDENTIFICATION DETAILS
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Name : |
ACE DIAM CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2002 |
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Com. Reg. No.: |
0105545079016 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing, distributing and
exporting various kinds
of diamonds 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
ACE DIAM CO., LTD.
FORMER
MAHI DIAM CO., LTD.
SUMMARY
BUSINESS ADDRESS :
6
MAHESAK 3 ROAD,
SURIYAWONGSE,
BANGRAK,
TELEPHONE : [66] 2235-4406,
2235-4798
FAX : [66] 2635-6428
E-MAIL ADDRESS : nigamsh@.net
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2002
REGISTRATION NO. : 0105545079016 [Former : 10154500950]
CAPITAL
REGISTERED : BHT.
8,000,000
CAPITAL
PAID-UP : BHT.
8,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NIGUM R. SHAH,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 3
LINES OF
BUSINESS : DIAMONDS
IMPORTER, DISTRIBUTOR
& 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 August 1,
2002 as a
private limited company under
the registered name
MAHI DIAM CO., LTD. by
Thai and Indian
groups, in order
to distribute and
supply diamonds for
jewellery production industry
both in domestic
and overseas markets.
On
December 3, 2002, the
subject was changed
its name to
be ACE DIAM
CO., LTD. It has
currently employs 3
staff.
The
subject’s registered address
is
THE BOARD
OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Nigum R.
Shah |
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Indian |
27 |
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Mr. Biren Ashok
Kumar Shah |
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Indian |
36 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Nigum
R. Shah is the Managing
Director.
He is Indian
nationality with the
age of 27
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
various kinds of
diamonds and jewelry
products.
PURCHASE
Its
products are purchased
from suppliers both
local and overseas
in India and
South Africa.
DISTRIBUTION
The
products are sold
to customers both
traders and manufacturers
in domestic and
overseas countries such
as France, Hong Kong
and etc.
REVENUE
In 2006, the
subject’s revenue was
increased around 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
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, D/A
or T/T on
negotiated term.
Exports
are against T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 3
office staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial area.
COMMENT
Slow
consumption caused by
economic slowdown has
affected overall jewelry
industry. The subject’s
sales revenue in
2006 was around
47 million. However,
slow growth in
jewelry industry would
dent its sales
revenue this year.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
3,000,000 divided into 30,000 shares of
Bht. 100 each.
The
capital was increased
later as follows:
Bht. 4,000,000
on July 9,
2003
Bht. 8,000,000
on January 17,
2005
The
latest registered capital
was increased to
Bht. 8,000,000 divided
into 80,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [ as at
November 7,
2006]
|
NAME |
HOLDING |
% |
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Mr. Nigum
R. Shah Nationality: Indian Address : 6 Mahesak
3 Rd., Suriyawongse, Bangrak, |
16,000 |
20.00 |
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Mr. Biren
Ashok Kumar Shah Nationality: Indian Address : 6 Mahesak
3 Rd., Suriyawongse, Bangrak, |
16,000 |
20.00 |
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Ms. Rapeephan
Kunakornwatana Nationality: Thai Address : 6 Mahesak
3 Rd., Suriyawongse, Bangrak, |
10,200 |
12.75 |
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Ms. Kanokwan
Kongpaisalthavorn Nationality: Thai Address : |
10,200 |
12.75 |
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Mrs. Asadaporn Kadsanit Nationality: Thai Address : 129/72 Moo
6, Banklang, Muang,
Lamphun |
10,200 |
12.75 |
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Ms. Prapispun
Kruewal Nationality: Thai Address :
Bangkoknoi, |
10,200 |
12.75 |
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Mrs. Vizari
B. Shah Nationality: Indian Address : |
7,200 |
9.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Taweesak Musiknilphan No.
2363
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
|
250,971.09 |
343,387.78 |
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Trade Accts. Receivable |
18,845,439.93 |
20,084,830.47 |
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Inventories |
7,508,231.60 |
4,657,522.21 |
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Other Current Assets
|
46,556.67 |
19,556.67 |
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Total Current
Assets |
26,651,199.29 |
25,105,297.13 |
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Long Term Loan
to Other Person or Related Company
|
2,700,000.00 |
1,700,000.00 |
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Fixed Assets |
39,615.17 |
57,924.52 |
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Total Assets
|
29,390,814.46 |
26,863,221.65 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Trade Accts. Payable |
20,138,668.18 |
21,608,046.13 |
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Other Current Liabilities |
74,132.78 |
125,451.39 |
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Total Current
Liabilities |
20,212,800.96 |
21,733,497.52 |
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Total Liabilities |
20,212,800.96 |
21,733,497.52 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 80,000 &
40,000 shares in 2005 & 2004 |
8,000,000.00 |
4,000,000.00 |
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Capital Paid |
8,000,000.00 |
4,000,000.00 |
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Retained Earning -
Unappropriated |
1,178,013.50 |
1,129,724.13 |
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Total
Shareholders' Equity |
9,178,013.50 |
5,129,724.13 |
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Total
Liabilities & Shareholders' Equity |
29,390,814.46 |
26,863,221.65 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
42,772,257.10 |
50,297,441.21 |
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Gain on Exchange
Rate |
- |
556,497.15 |
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Other Income |
27,000.00 |
1,747.01 |
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Total Revenues
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42,799,257.10 |
50,855,685.37 |
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Expenses |
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Cost of Goods
Sold |
39,484,034.19 |
48,046,642.05 |
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Selling & Administrative Expenses |
3,180,439.85 |
1,781,613.50 |
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Total Expenses |
42,664,474.04 |
49,828,255.55 |
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Profit / [Loss] Before Income
Tax |
134,783.06 |
1,027,429.82 |
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Interest Expenses |
[86,493.69] |
[165,768.24] |
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Net Profit / [Loss] |
48,289.37 |
861,661.58 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2005 |
2004 |
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Net Sales |
[14.96] |
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Operating Profit |
[84.57] |
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Net Profit |
[94.40] |
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Fixed Assets |
[31.61] |
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Total Assets |
9.41 |
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Profitability |
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Cost of Good
Sold |
92.31 |
95.53 |
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Operating Profit Margin |
0.32 |
2.04 |
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S & A
Expenses |
7.44 |
3.54 |
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Interest Paid |
0.20 |
0.33 |
|
Other Revenues |
0.06 |
1.11 |
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Net Profit Margin |
0.11 |
1.71 |
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Earning Per Shares |
0.60 |
21.54 |
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No. of Shares |
80,000 |
40,000 |
Net Sales was decreased by 14.96%, Operating Profit was decreased by 84.57%, Net Profit was decreased by 94.40%, Fixed Assets was decreased by 31.61%, Total Assets was increased by 9.41%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 95.53%
to 92.31%, Operating
Profit Margin was
decreased from 2.04%
to 0.32%, S
& A Expenses
was increased from
3.54% to 7.44%,
Interest Paid was decreased
from 0.33% to
0.20%, Other Revenues
was decreased from
1.11% to 0.06%,
Net Profit Margin
was decreased from
1.71% to 0.11%.
Earning Per Shares
was decreased from
21.54 baht per
share to 0.60
baht per share.
Liquidity
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Liquidity |
2005 |
2004 |
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Current Ratio |
1.32 |
1.16 |
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Quick-Assets Ratio |
0.94 |
0.94 |
Current Ratio was
increased from 1.16
to 1.32, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.94 to 0.94,
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 |
2.20 |
4.24 |
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Times Interest Earned |
1.56 |
6.20 |
D/E Ratio was
decreased from 4.24
to 2.20, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
6.20 to 1.56,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
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Fixed Assets Turnover |
1,079.69 |
868.33 |
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Total Assets Turnover |
1.46 |
1.87 |
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Return on Assets |
0.16 |
3.21 |
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Return on Equity |
0.53 |
16.80 |
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Day's Payable |
169.50 |
154.66 |
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Day’s Inventories |
63.19 |
33.34 |
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Day’s Receivables |
158.62 |
143.76 |
Fixed Assets Turnover
was increased from
868.33 times to
1,079.69 times, Total
Assets Turnover was
decreased from 1.87
times to 1.46
times, show the company
could use Fixed
Assets so efficiently,
Return on Assets
was decreased from
3.21 to 0.16,
Return on Equity
was decreased from
16.80 to 0.53,
capacity to use
Assets to make
profit was good.
Day's Payable was increased from
155 days to 170 days,
Day’s Inventories was
increased from 34
days to 64 days, and
Day’s Receivables was
increased from 144
days to 159
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 |
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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 |
|
<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%)