MIRA
INFORM REPORT
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Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
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Name : |
INDIAMCO LTD. |
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Registered Office : |
24TH Floor,
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
0105539135210 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing, distributing and
exporting wide range
of diamonds and
precious stones for
jewelry industry. |
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
INDIAMCO LTD.
SUMMARY
BUSINESS ADDRESS : 24th FLOOR,
TELEPHONE : [66] 2630-0120-2
FAX : [66] 2630-0122
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1996
REGISTRATION NO. : 0105539135210 [Former : 2479/2539]
CAPITAL
REGISTERED : BHT.
23,000,000
CAPITAL
PAID-UP : BHT.
23,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NITAN RAJENDRA
PRASAD JIAN, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 3
LINES OF
BUSINESS : DIAMOND AND
PRECIOUS STONES
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 December 13,
1996 as a
private limited company under
the name style
INDIAMCO LTD., by
Thai and Indian
groups, with the business
objective to import and distribute diamonds
and precious stones
to domestic and
oversea markets. It
currently employs 3
staff.
The
subject’s registered address
was initially located
at 297 Wanglee
Bldg., Surawong Rd.,
Suriyawongse, Bangrak, Bangkok
10500.
On
November 13, 2006,
it was relocated
to 24th Flr.,
Jewelry Trade Center
Bldg., 919/312 Silom Rd.,
Silom, 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. Nitan Rajendra
Prasad Jain |
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Indian |
36 |
|
Mr. Alok Rajendra Prasad
Jain |
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Indian |
34 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Nitan Rajendra
Prasad Jain is
the Managing Director.
He is Indian
nationality with the
age of 36
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
wide range of
diamonds and precious
stones for jewelry
industry.
PURCHASE
The products are
purchased from suppliers
both in domestic
and overseas, mainly
India, South Africa
and Belgium.
SALES
95% of the
products is sold
locally by wholesale
to dealers and
manufacturers.
EXPORT
5%
of the products
is exported to
Hong Kong and
Japan.
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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
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
Market
of diamond and
precious stones is
promising as demand
from jewelry producers
remains strong. Despite
domestic consumption declining
on jewelry products,
export market is
still growing well
especially from new
markets like Middle
East and European
countries.
The
subject is doing
good business, but
growth would be
slow down than
previous year.
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 August 4,
1997
Bht. 11,000,000
on December 6,
2000
Bht. 23,000,000
on December 18,
2001
The
latest registered capital
was increased to
Bht. 23,000,000 divided into 230,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Nitan Rajendra
Prasad Jain Nationality: Indian Address : |
112,000 |
48.70 |
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Mr. Sommai Saetia Nationality: Thai Address : 8/679
Moo 2, Bangchak,
Prakanong, |
30,300 |
13.17 |
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Mr. Pratuan Pakdeesuk Nationality: Thai Address : 8
Moo 3, Harhae,
Karnvoralakburi, Kampaengpetch |
29,000 |
12.61 |
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Mr. Prasert Langsanti Nationality: Thai Address :
Phyathai, |
29,000 |
12.61 |
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Mrs.
Sumalee Langsanti Nationality: Thai Address : Phyathai, |
29,000 |
12.61 |
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Mr. Vinita Kotharee Nationality: Indian Address : |
400 |
0.17 |
|
Mr. Aloke Rajendra
Prasad Jain Nationality: Indian Address : |
300 |
0.13 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Manit Nilprapa No.
4055
BALANCE SHEET [BAHT]
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 |
4,008,234.04 |
638,626.96 |
|
Trade Accts. Receivable |
32,828,417.08 |
24,210,037.33 |
|
Inventories |
3,856,241.42 |
6,446,307.68 |
|
Other Current Assets
|
294,371.22 |
241,609.81 |
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Total Current
Assets |
40,987,263.76 |
31,536,581.78 |
|
Fixed Assets |
53,504.81 |
66,856.01 |
|
Other Assets |
34,500.00 |
34,200.00 |
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Total Assets
|
41,075,268.57 |
31,637,637.79 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Trade Accts. Payable |
4,903,481.70 |
1,698,856.83 |
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Short-term Loan from
Person or Related
Company |
10,420,000.00 |
3,420,000.00 |
|
Other Current Liabilities |
1,265,302.55 |
1,952,503.08 |
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Total Current
Liabilities |
16,588,784.25 |
7,071,359.91 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 230,000 shares |
23,000,000.00 |
23,000,000.00 |
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Capital Paid |
23,000,000.00 |
23,000,000.00 |
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Unappropriated |
1,486,484.32 |
1,566,277.88 |
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Total
Shareholders' Equity |
24,486,484.32 |
24,566,277.88 |
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Total
Liabilities & Shareholders' Equity |
41,075,268.57 |
31,637,637.79 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales - Domestic |
91,287,868.08 |
97,419,312.10 |
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Sales - Export |
1,509,061.81 |
- |
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Other Income |
341,853.48 |
1,229,122.98 |
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Total Revenues
|
93,138,783.37 |
98,648,435.08 |
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Expenses |
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Cost of Goods
Sold |
89,447,117.59 |
92,272,505.72 |
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Selling & Administrative Expenses |
3,278,492.76 |
4,496,375.22 |
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Total Expenses |
92,725,610.35 |
96,768,880.94 |
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Profit / [Loss] before
Income Tax |
413,173.02 |
1,879,554.14 |
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Income Tax |
[492,966.58] |
[586,524.86] |
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Net Profit / [Loss] |
[79,793.56] |
1,293,029.28 |
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Retained Earning,
beginning of year |
1,566,277.88 |
273,248.60 |
|
Retained
Earning, end of
year |
1,486,484.32 |
1,566,277.88 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[4.74] |
|
|
Operating Profit |
[76.92] |
|
|
Net Profit |
[106.17] |
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|
Fixed Assets |
[19.97] |
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Total Assets |
29.83 |
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Profitability |
|
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Cost of Good
Sold |
96.39 |
94.72 |
|
Operating Profit Margin |
0.45 |
1.93 |
|
S & A
Expenses |
3.53 |
4.62 |
|
Other Revenues |
0.37 |
1.26 |
|
Net Profit Margin |
[0.09] |
1.33 |
|
Earning Per Shares |
[0.35] |
5.62 |
|
No. of Shares |
230,000 |
230,000 |
Net Sales was
decreased by 4.74%,
Operating Profit was
decreased by 76.92%,
Net Profit was
decreased by 106.17%,
Fixed Assets was decreased
by 19.97%, Total
Assets was increased
by 29.83%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 94.72%
to 96.39%, Operating
Profit Margin was
decreased from 1.93%
to 0.45%, S
& A Expenses
was decreased from
4.62% to 3.53%,
Other Revenues was
decreased from 1.26%
to 0.37%, Net
Profit Margin was
decreased from 1.33%
to -0.09%.
Earning Per Shares
was decreased from
5.62 baht per
share to -0.35 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
2.47 |
4.46 |
|
Quick-Assets Ratio |
2.22 |
3.51 |
Current Ratio was
decreased from 4.46
to 2.47, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of the company
was good, Quick-Assets
Ratio was decreased
from 3.51 to
2.22, capacity to
pay Short Term
Loan was good
too, because Current
Assets without Inventory
can cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.68 |
0.29 |
D/E Ratio was
increased from 0.29
to 0.68, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the company is
low.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
1,734.37 |
1,457.15 |
|
Total Assets Turnover |
2.26 |
3.08 |
|
Return on Assets |
[0.19] |
4.09 |
|
Return on Equity |
[0.33] |
5.26 |
|
Day's Payable |
19.02 |
6.28 |
|
Day’s Inventories |
14.96 |
23.82 |
|
Day’s Receivables |
127.36 |
89.46 |
Fixed Assets Turnover
was increased from
1,457.15 times to
1,734.37 times, Total
Assets Turnover was decreased from
3.08 times to
2.26 times, show
the company could
use Fixed Assets
so efficiently, Return
on Assets was
decreased from 4.09
to -0.19, Return
on Equity was
decreased from 5.26
to -0.33, capacity
to use Assets
to make profit
was not good.
Day's Payable was
increased from 7
days to 20
days, while Day’s
Inventories was decreased
from 24 days
to 15 days,
but Day’s Receivables
was increased from
90 days to
128 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 |
|
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%)