MIRA
INFORM REPORT
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Report Date : |
24.07.2007 |
IDENTIFICATION DETAILS
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Name : |
STAR ASIA [ |
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Registered Office : |
Room A, 19th
Floor, |
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Country : |
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Financials (as on) : |
08.12.2006 |
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Date of Incorporation : |
1993 |
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Com. Reg. No.: |
0745536001900 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in importing
and distributing various
kinds of gold
and diamond 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
STAR ASIA [
SUMMARY
BUSINESS ADDRESS : ROOM
A, 19th FLOOR,
SURIYAWONGSE, BANGRAK,
TELEPHONE : [66] 2267-1208-9
FAX : [66] 2267-1207
E-MAIL ADDRESS : kartik@starasia.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1993
REGISTRATION NO. : 0745536001900 [Former : SOR
KOR. 1003]
CAPITAL
REGISTERED : BHT.
19,000,000
CAPITAL
PAID-UP : BHT.
19,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 8
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KARTIK NAYANBHAI
SHAH, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 14
LINES OF
BUSINESS : GOLD
AND DIAMOND JEWELRY
PRODUCTS
IMPORTER 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 December 9,
1993 as a
private limited company under
the name style
STAR ASIA [THAILAND]
LTD., by Thai
& Indian groups, with the business objective
to import and
export gold and
diamond jewelry products.
It currently employs
14 staff.
The
subject’s registered address
is 322/47 Surawong
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the subject’s current
operation address.
THE BOARD
OF DIRECTOR
Mr. Kartik
Nayanbhai Shah
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Kartik Nayanbhai
Shah is the
Managing Director.
He is Indian
nationality with the
age of 36
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of gold
and diamond jewelry
products, as well as
design and export
products to overseas.
The exported products
has been supplied
by local manufacture.
PURCHASE
The
products are purchased
from suppliers both
in domestic and
overseas, mainly India
and South Africa.
SALES
The products is sold
to customer both
local and overseas mainly
in India, Hong
Kong, United Arab
Emirate, 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
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.
Exports are against
L/C or T/T.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 14
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
Thai jewelry
products still perform
well in international
markets, but in
U.S.A Thai exporter
has been faced
with higher tariff
since July 1,
2007 as Thai
jewelry will no long have
GSP privilege anymore.
However, the
subject is also
doing good business
and expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000 divided into 30,000 shares of
Bht. 100 each.
The
capital was increased
later as following:
Bht. 4,000,000
on August 10,
1995
Bht. 8,000,000
on March 28,
2001
Bht. 11,000,000
on June 7,
2001
Bht. 19,000,000
on December 27,
2001
The
latest registered capital
was increased to
Bht. 19,000,000 divided into
190,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 5,
2007]
|
NAME |
HOLDING |
% |
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Star Holding
Limited Nationality: U.A.E Address : SH
Road, Zawed, |
53,200 |
28.00 |
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Mr. Kartik Nayanbhai
Shah Nationality: Indian Address : 64-66
Rama 4 Rd.,
Thungmahamek, Sathorn, |
38,000 |
20.00 |
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Mr.
Tuengthong Khamchan Nationality: Thai Address : 12
Moo 2, Pathum,
Muang, Ubonratchathani |
31,600 |
16.63 |
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Ms. Sudjai Chantapinij Nationality: Thai Address : 80
Moo 2, Photak,
Muang, Nakornpanom |
31,600 |
16.63 |
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Ms.
Saowanit Promfai Nationality: Thai Address : 39/21
Moo 1 4, Ladprao, |
31,600 |
16.63 |
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Mr. Birju Ranjibhai Nationality: Indian Address : 64-66
Rama 4 Rd.,
Thungmahamek, Sathorn, |
3,600 |
1.90 |
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Mr. Anake Thamrongvarangkul Nationality: Thai Address : 72/27
Rama 3 Rd.,
Chongnonsee, Yannawa, |
400 |
0.21 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Pinij Charoenjai No.
1176
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
8, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank
[note 1] |
2,048,598.37 |
146,367.22 |
|
Trade Accts. & Notes
Receivable [note 2] |
102,983,549.54 |
74,780,187.64 |
|
Short Term Loan
to Related Person |
- |
979,010.35 |
|
Inventories |
128,557,423.69 |
138,264,978.46 |
|
Other Current Assets
[note 3] |
317,559.48 |
283,681.76 |
|
Total Current
Assets |
233,907,131.08 |
214,454,225.43 |
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Fixed Assets [note 4] |
832,784.74 |
1,104,743.43 |
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Other Assets |
855,000.00 |
855,000.00 |
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Total Assets
|
235,594,915.82 |
216,413,968.86 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Bank Overdraft &
Loan from Bank |
8,106,442.77 |
20,071,666.74 |
|
Trade Accts. & Notes
Payable |
181,578,850.84 |
172,575,100.59 |
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Other Current Liabilities |
5,527,787.82 |
1,273,166.75 |
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Total Current
Liabilities |
195,213,081.43 |
193,919,934.08 |
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Total Liabilities |
195,213,081.43 |
193,919,934.08 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 190,000 shares |
19,000,000.00 |
19,000,000.00 |
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Capital Paid |
19,000,000.00 |
19,000,000.00 |
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Retained Earning -
Unappropriated |
21,381,834.39 |
3,494,034.78 |
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Total
Shareholders' Equity |
40,381,834.39 |
22,494,034.78 |
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Total
Liabilities & Shareholders' Equity |
235,594,915.82 |
216,413,968.86 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales |
301,488,293.95 |
261,915,369.66 |
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Other Income |
21,984,799.79 |
158,150.00 |
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Total Revenues
|
323,473,093.74 |
262,073,519.66 |
|
Expenses |
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Cost of Goods
Sold |
289,876,654.91 |
247,828,091.80 |
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Selling & Administrative Expenses |
9,456,445.41 |
20,626,885.11 |
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Total Expenses |
299,333,100.32 |
268,454,976.91 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
24,139,993.42 |
[6,381,457.25] |
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Interest Expenses |
[1,304,475.01] |
[342,307.76] |
|
Income Tax |
[4,947,718.80] |
- |
|
Net Profit / [Loss] |
17,887,799.61 |
[6,723,765.01] |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at
Bank
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|
2006 |
2005 |
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Cash in hand |
291,751.00 |
142,387.00 |
|
Cash at bank-current account |
1,756,847.37 |
3,980.22 |
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Total
|
2,048,598.37 |
146,367.22 |
NOTE 2
Trade Accts. Receivable
|
|
2006 |
2005 |
|
|
|
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Trade Accts. Receivable |
102,983,549.54 |
72,964,060.05 |
|
Notes Receivable |
- |
1,816,127.59 |
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Total
|
102,983,549.54 |
74,780,187.64 |
NOTE 3
Other Current Assets
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|
2006 |
2005 |
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Business Tax |
1,339.45 |
131,908.28 |
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Deferred Business Tax |
9,049.31 |
15,949.35 |
|
Prepaid Expenses |
307,170.72 |
10,834.25 |
|
Deferred Income |
- |
124,989.88 |
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Total
|
317,559.48 |
283,681.76 |
NOTE 4
Fixed Assets
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|
2006 |
2005 |
|
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|
Office Automation |
593,191.18 |
593,191.18 |
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Furniture & Fitting |
1,140,000.00 |
1,140,000.00 |
|
Vehicle |
30,000.00 |
- |
|
Total |
1,763,191.18 |
1,733,191.18 |
|
Less: Depreciation |
930,406.44 |
[628,447.75] |
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Total
|
832,784.74 |
1,104,743.43 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
15.11 |
|
|
Operating Profit |
[428.63] |
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Net Profit |
366.04 |
|
|
Fixed Assets |
[24.62] |
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Total Assets |
8.86 |
|
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Profitability |
|
|
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Cost of Good
Sold |
96.15 |
94.62 |
|
Operating Profit Margin |
8.01 |
[2.44] |
|
S & A
Expenses |
3.14 |
7.88 |
|
Interest Paid |
0.43 |
0.13 |
|
Other Revenues |
7.29 |
0.06 |
|
Net Profit Margin |
5.93 |
[2.57] |
|
Earning Per Shares |
94.15 |
[35.39] |
|
No. of Shares |
190,000 |
190,000 |
Net Sales was
increased by 15.11%,
Operating Profit was
decreased by 428.63%,
Net Profit was
increased by 366.04%,
Fixed Assets was
decreased by 24.62%,
Total Assets was
increased by 8.86%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 94.62%
to 96.15%, Operating
Profit Margin was
increased from -2.44%
to 8.01%, S
& A Expenses
was decreased from
7.88% to 3.14%,
Interest Paid was increased
from 0.13% to
0.43%, Other Revenues
was increased from
0.06% to 7.29%,
Net Profit Margin
was increased from
-2.57% to 5.93%.
Earning Per Shares
was increased from
-35.39 baht per
share to 94.15
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.20 |
1.11 |
|
Quick-Assets Ratio |
0.54 |
0.39 |
Current Ratio was
increased from 1.11
to 1.20, show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company
was good, Quick-Assets
Ratio was increased
from 0.39 to
0.54, capacity to
pay Short Term
Loan was not
good, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
4.83 |
8.62 |
|
Times Interest Earned |
18.51 |
[18.64] |
D/E Ratio was
decreased from 8.62
to 4.83, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
-18.64 to 18.51,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
362.02 |
237.08 |
|
Total Assets Turnover |
1.28 |
1.21 |
|
Return on Assets |
7.59 |
[3.11] |
|
Return on Equity |
44.30 |
[29.89] |
|
Day's Payable |
216.82 |
237.20 |
|
Day’s Inventories |
153.51 |
190.04 |
|
Day’s Receivables |
122.97 |
102.78 |
Fixed Assets Turnover
was increased from
237.08 times to
362.02 times, Total
Assets Turnover was
increased from 1.21
times to 1.28
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
-3.11 to 7.59,
Return on Equity
was increased from
-29.89 to 44.30,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 238
days to 217
days, and Day’s
Inventories was decreased
from 191 days
to 154 days,
while Day’s Receivables
was increased from
103 days to
123 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 |
|
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 |
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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%)