MIRA
INFORM REPORT
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Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
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Name : |
G S T DIAMOND & GEMS LIMITED |
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Registered Office : |
293/27 Soi Kamchai
Iamsuri, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
0105547085854 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and distributing of
diamonds and colored
precious stones. Exporting and re-exporting of
diamonds. |
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 : |
Usually correct |
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Litigation : |
Clear |
name
G S T DIAMOND & GEMS LIMITED
SUMMARY
BUSINESS ADDRESS : 293/27 SOI
KAMCHAI IAMSURI,
SURIYAWONGSE, BANGRAK,
TELEPHONE : [66] 2267-1888-91, 2266-2945,
086 888-1113,
089 444-3801
FAX :
[66] 2266-2946,
2236-9475
E-MAIL ADDRESS : gsndiam@hotmail.com,
vashi@geesonsthailand.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO. : 0105547085854 [Former : 0108654712188]
CAPITAL
REGISTERED : BHT.
4,000,000
CAPITAL
PAID-UP : BHT.
4,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VASHI GORDHANDAS
TANWANI, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 9
LINES OF
BUSINESS : DIAMONDS 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 June 25,
2004 as a
private limited company under
the name style
G S T DIAMOND & GEMS LIMITED
by Thai and
Indian groups, in
order to engage
in diamonds and
gems trading business.
It currently employs
9 staff.
The
subject’s registered address
is 293/27 Surawong
Rd., Suriyawongse, 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. Somsak Tantivathin |
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Thai |
79 |
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Mr. Gordhan Sobhraj Tanwani |
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Indian |
75 |
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Mr. Vashi Gordhandas Tanwani |
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Indian |
48 |
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Mr. Vijay Tanwani |
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Indian |
39 |
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Mrs. Nant Inthakul |
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Thai |
43 |
AUTHORIZED PERSON
Two of the
above directors can jointly sign
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Vashi Gordhandas
Tanwani is the
Managing Director.
He is Indian
nationality with the
age of 48
years old.
Mr. Vijay Tanwani
is the Assistant
Managing Director.
He is Indian
nationality with the
age of 39
years old.
BUSINESS OPERATIONS
The subject is
engaged in diamonds
and gems trading
business, including the
followings:
- Importing and
distributing of diamonds and
colored precious stones.
- Exporting and
re-exporting of diamonds.
PURCHASE
The products are
purchased from suppliers
both local and
overseas, mainly in India,
Belgium and Israel.
SALES
The products are
sold locally to
manufacturers and end-users.
EXPORT
The products are
exported to Indonesia,
Republic of China
and Hong Kong.
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 at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 9
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
performance in 2006
was disclosed as
good as the
previous year, as
well as diamonds
and gem stones were
in strong demand
from local jewelry
manufacturers, and export
market was still
promising.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
2,000,000 divided into
20,000 shares of Bht. 100
each.
On
November 4, 2004,
the capital was
increased to Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 28,
2006]
|
NAME |
HOLDING |
% |
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Mr. Somsak Tantivathin Nationality: Thai Address : 25/13
Sukhumvit 20 Rd.,
Klongtoey, |
16,400 |
41.00 |
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Mr. Gordhan Sobhraj
Tanwani Nationality: Indian Address : 168/95
Sukhumvit 23 Rd.,
Klongtoeynua, Wattana, |
10,000 |
25.00 |
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Mrs.
Punjavishi Tanwani Nationality: Indian Address : 168/95
Sukhumvit 23 Rd.,
Klongtoeynua, Wattana, |
4,800 |
12.00 |
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Mrs. Punam Tanwani Nationality: Indian Address : 168/95
Sukhumvit 23 Rd.,
Klongtoeynua, Wattana, |
4,400 |
11.00 |
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Mrs.
Pimolwan Lakani Nationality: Thai Address : 204/21
Bangkapi, |
2,000 |
5.00 |
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Mrs. Nant Inthakul Nationality: Thai Address : 205/127
Pattanakarn 1 Rd.,
Bangpongpang, Yannawa, |
1,200 |
3.00 |
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Mrs.
Nujcharin Asawachusakkul Nationality: Thai Address : 19
Thanon Nakornchaisri, Dusit,
|
800 |
2.00 |
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Mr. Vijay Tanwani Nationality: Indian Address : 168/95
Sukhumvit 23 Rd.,
Klongtoeynua, Wattana, |
400 |
1.00 |
Total Shareholders
8
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Thana Prachasri No.
1517
BALANCE SHEET [BAHT]
The 2006 financial
statement has not
yet available during this
current investigation.
The
latest financial figures
published for December
31, 2005 was:
ASSETS
|
Current Assets |
2005 |
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Cash in hand
& at Bank
|
421,633.84 |
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Trade Accts. Receivable |
3,534,147.20 |
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Other Current Assets
|
14,606,423.36 |
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Total Current
Assets |
18,562,204.40 |
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Fixed Assets |
247,436.13 |
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Total Assets
|
18,809,640.53 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2005 |
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Trade Accts. & Notes
Payable |
13,993,812.45 |
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Accrued Expenses |
26,089.80 |
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Payable-Revenue Department |
162,602.09 |
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Other Current Liabilities |
49,378.62 |
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Total Current
Liabilities |
14,231,882.96 |
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Total Liabilities |
14,231,882.96 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
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Capital Paid |
4,000,000.00 |
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Retained Earning -
Unappropriated |
577,757.57 |
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Total
Shareholders' Equity |
4,577,757.57 |
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Total
Liabilities & Shareholders' Equity |
18,809,640.53 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2005 |
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Sales |
28,660,080.03 |
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Other Income |
29,818.86 |
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Total Revenues
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28,689,898.89 |
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Expenses |
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Cost of Goods
Sold |
26,381,141.32 |
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Selling & Administrative Expenses |
1,778,619.36 |
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Total Expenses |
28,159,760.68 |
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Profit / [Loss] Before Income
Tax |
530,138.21 |
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Income Tax |
[83,128.62] |
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Net Profit / [Loss] |
447,009.59 |
FINANCIAL ANALYSIS
Profitability
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Profitability |
2005 |
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Cost of Goods
Sold |
92.05 |
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Operating Profit Margin |
1.85 |
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S&A expenses |
6.21 |
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Other Revenues |
0.10 |
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Net Profit Margin |
1.56 |
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Earning Per Shares |
11.18 |
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No. of Shares |
40,000 |
Compare each cost with sales, Cost of Goods Sold was 92.05%, Operating Profit Margin was 1.85%, S & A Expenses were 6.21%, Other Revenues was 0.10%, Net Profit Margin was 1.56%.
Earning Per Shares
was 11.18 baht
per share.
Liquidity
|
Liquidity |
2005 |
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Current Ratio |
1.30 |
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Quick - assets ratio |
0.28 |
Current Ratio was
1.30, show Current
Assets can cover
Current Liabilities, Liquidity
Ratio of the
company was good,
and Quick-assets Ratio
was 0.28, capacity
to pay Short
Term Loan was
not good, because
Current Assets without
Inventory can not
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
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D/E Ratio |
3.11 |
D/E Ratio was 3.11, show the company had fund from Loan more than fund from Equity, investment risked of the company is high.
Efficiency
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Efficiency |
2005 |
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Fixed Assets Turnover |
115.83 |
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Total Assets Turnover |
1.52 |
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Return on Assets |
2.38 |
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Return on Equity |
9.76 |
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Day’s Payable |
175.78 |
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Days’ Receivables |
44.39 |
Fixed Assets Turnover was 115.83 times, Total Assets Turnover was 1.52 times, show the company could use Assets so efficiently, and Return on Assets was 2.38, Return on Equity was 9.76, capacity to use Assets to make profit was good.
Day’s Payable was 176 days, and Day’s Receivables was 45 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 |
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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 |
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<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%)