MIRA
INFORM REPORT
|
Report Date : |
13.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
G. D. H. GEMS CO., LTD. |
|
|
|
|
Registered Office : |
92/23
Soi Puttha Osot,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
2003 |
|
|
|
|
Com. Reg. No.: |
0105546092644 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Exporting of 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
G. D. H. GEMS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 92/23
SOI PUTTHA OSOT,
SIPHAYA, BANGRAK,
TELEPHONE : [66] 2631-6077
FAX : [66] 2631-6077
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO. : 0105546092644
CAPITAL
REGISTERED : BHT.
2,000,000
CAPITAL
PAID-UP : BHT.
2,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NEERAJ AGRAWAL,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 3
LINES OF
BUSINESS : DIAMOND AND
JEWELRY PRODUCTS
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 6,
2003 as a
private limited company under
the name style
G. D. H. GEMS CO.,
LTD., by Thai
and Indian groups, in order
to export diamonds
and jewelry products.
It currently employs
3 staff.
The
subject’s registered address
is 92/23 Soi
Puttha Osot, Nares
Rd., Siphya, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
Mr. Neeraj Agrawal
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Neeraj Agrawal
is the Managing
Director.
He is Thai
nationality with the
age of 33
years old.
BUSINESS OPERATIONS
The subject is
engaged in exporting
of diamonds and
jewelry products.
PURCHASE
100% of the
products is purchased
from local supplier.
EXPORT
100% of the
products is exported
to Hong Kong,
U.S.A. and European 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.
Exports are by
T/T.
BANKING
Banker’s
name was not
disclosed.
EMPLOYMENT
The
subject employs 3
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
business is fair.
However, exporter of
jewelry products to USA
market starting from
July 1, 2007
have to pay higher
tax, due to
Thailand will no longer
have GSP privilege from
US government on
jewelry products anymore.
This would have
dent an exporter’s
profit margin as
well as losing
its competitive edge
to other rivals
from other countries
in the region.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into
20,000 shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE :
[as at
March 20,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Neeraj Agrawal Nationality: Indian Address : |
9,800 |
49.00 |
|
Ms. Ashezo Geaka Nationality: Thai Address : 1
Moo 5, Kwansator,
Kwandone, Satul |
1,700 |
8.50 |
|
Ms. Anuwat Singkavibul Nationality: Thai Address : 73/134
Moo 17, Klongnueng,
Klongluang, Pathumthani |
1,700 |
8.50 |
|
Mr. Sakda Chulawong Nationality: Thai Address : Samutprakarn |
1,700 |
8.50 |
|
Mr. Anont Kongprasert Nationality: Thai Address : 242
Moo 9, |
1,700 |
8.50 |
|
Mr. Charan Anantawong Nationality: Thai Address : 49/94
Moo 14,
Nongkaem, |
1,700 |
8.50 |
|
Mr.
Supakorn Nam-on Nationality: Thai Address : 28
Moo 7, Buengsamphan, Petchabun |
1,700 |
8.50 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Sophon Pholvialai 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
|
139,356.35 |
356,550.90 |
|
Trade Accts. Receivable |
3,020,255.20 |
3,083,086.96 |
|
Inventories |
7,346,392.77 |
4,218,893.10 |
|
Other Current Assets
|
617,665.22 |
342,756.22 |
|
Total Current
Assets |
11,123,669.54 |
8,001,287.18 |
|
Total Assets
|
11,123,669.54 |
8,001,287.18 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
8,790,769.59 |
5,844,016.21 |
|
Other Current Liabilities |
143,591.29 |
42,533.70 |
|
Total Current
Liabilities |
8,934,360.88 |
5,886,549.91 |
|
Total Liabilities |
8,934,360.88 |
5,886,549.91 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning -
Unappropriated |
189,308.66 |
114,737.27 |
|
Total
Shareholders' Equity |
2,189,308.66 |
2,114,737.27 |
|
Total
Liabilities & Shareholders' Equity |
11,123,669.54 |
8,001,287.18 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
9,793,052.55 |
5,137,610.41 |
|
Profit/[Loss] from Exchange
Rate |
[130,367.54] |
[5,400.31] |
|
Total Revenues
|
9,662,685.01 |
5,132,210.10 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
8,346,953.58 |
3,972,083.51 |
|
Selling & Administrative Expenses |
1,199,507.23 |
1,016,029.30 |
|
Total Expenses |
9,546,460.81 |
4,988,112.81 |
|
Profit / [Loss] Before Income
Tax |
116,224.20 |
144,097.29 |
|
Income Tax |
[41,652.81] |
[23,160.02] |
|
Net Profit / [Loss] |
74,571.39 |
120,937.27 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
90.61 |
|
|
Operating Profit |
[57.69] |
|
|
Net Profit |
[38.34] |
|
|
Total Assets |
39.02 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
85.23 |
77.31 |
|
Operating Profit Margin |
1.19 |
2.80 |
|
S & A
Expenses |
12.25 |
19.78 |
|
Other Revenues |
[1.33] |
[0.11] |
|
Net Profit Margin |
0.76 |
2.35 |
|
Earning Per Shares |
3.73 |
6.05 |
|
No. of Shares |
20,000 |
20,000 |
Net Sales was
increased by 90.61%,
Operating Profit was
decreased by 57.69%,
Net Profit was
decreased by 38.34%,
Total Assets was
increased by 39.02%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 77.31%
to 85.23%, Operating
Profit Margin was
decreased from 2.80%
to 1.19%, S
& A Expenses
was decreased from
19.78% to 12.25%,
Other Revenues was
decreased from -0.11% to -1.33%,
Net Profit Margin
was decreased from
2.35% to 0.76%.
Earning Per Shares
was decreased from
6.05 baht per
share to 3.73
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.25 |
1.36 |
|
Quick-Assets Ratio |
0.35 |
0.58 |
Current Ratio was
decreased from 1.36
to 1.25, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.58 to 0.35,
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 |
4.08 |
2.78 |
D/E Ratio was
increased from 2.78
to 4.08, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Total Assets Turnover |
0.88 |
0.64 |
|
Return on Assets |
0.67 |
1.51 |
|
Return on Equity |
3.41 |
5.72 |
|
Day's Payable |
323.16 |
409.50 |
|
Day’s Inventories |
270.06 |
295.62 |
|
Day’s Receivables |
111.03 |
216.04 |
Total Assets Turnover was increased from 0.64 times to 0.88 times, show the company could use Assets so efficiently, Return on Assets was decreased from 1.51 to 0.67, Return on Equity was decreased from 5.72 to 3.41, capacity to use Assets to make profit was good.
Day's Payable was decreased from 410 days to 324 days, Day’s Inventories was decreased from 296 days to 271 days, and Day’s Receivables was decreased from 217 days to 112 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 |
|
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%)