MIRA
INFORM REPORT
|
Report Date : |
03.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SHIVANGI STONES THAI CO., LTD. |
|
|
|
|
Registered Office : |
31
Silom Road, Silom,
Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
2005 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importing and distributing of diamonds and
gemstones, as well
as re-exporting of
diamonds, gemstones 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 : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
name
SHIVANGI STONES THAI CO., LTD.
SUMMARY
BUSINESS ADDRESS : 31
SILOM ROAD, SILOM,
BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2267-5652, 089 451-8881
FAX : [66] 2263-0330
E-MAIL ADDRESS : shivangistones@yahoo.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2005
REGISTRATION NO.
: 0105548073655
CAPITAL
REGISTERED : BHT. 6,000,000
CAPITAL
PAID-UP : BHT. 6,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. SANJAY PATEL, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 3
LINES OF
BUSINESS : DIAMONDS AND JEWELRY PRODUCTS
TRADING COMPANY
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on June 6,
2005 as a
private limited company under the name style
SHIVANGI STONES THAI
CO., LTD., by
Thai and Indian groups, with an objective to
engage in jewelry
trading. It currently
employs 3 staff.
The
subject’s registered address
was initially located
at 223/18 Nares
Rd., Siphaya, Bangrak,
Bangkok 10500.
On
January 11, 2007,
it was relocated to 31
Silom Rd., Silom,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sanjay Patel |
|
Indian |
34 |
|
Mr. Rajendra Jhalani |
|
Indian |
38 |
|
Mr. Ashish Kothari |
|
Indian |
28 |
|
Mr. Deepak Sharma |
|
Indian |
26 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Sanjay Patel
is the Managing Director.
He is Indian nationality with
the age of
34 years old.
Mr. Deepak
Sharma is the
Sales Manager.
He is Indian nationality
with the age
of 26 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
diamonds and gemstones,
as well as
re-exporting of diamonds,
gemstones and jewelry
products.
PURCHASE
The export products
are purchased from
local suppliers.
IMPORT
The
products are imported
from India.
SALES [LOCAL]
The products are
sold locally by
wholesale to traders,
manufacturers and end-users.
EXPORT
The
products are exported
to Korea 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
The Siam Commercial
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.
REMARK
CREDIT
OF US$ 150,000 AGAINST
D/A TERMS SHOULD
BE ON SESCURED BASIS.
COMMENT
During
the first year
of operation, the
subject’ s business was
still slow. However,
there is potential
for Thai jewelry,
diamonds, gemstones in
international markets.
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 31,
2005
Bht. 6,000,000 on August 30,
2006
The
latest registered capital
was increased to
Bht. 6,000,000 divided into
60,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at October 10, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sanjay Patel Nationality: Indian Address : 223/18
Nares Rd., Siphaya,
Bangrak, Bangkok |
9,800 |
16.34 |
|
Mr. Ashish Kothari Nationality: Indian Address : 223/18
Nares Rd., Siphaya,
Bangrak, Bangkok |
9,800 |
16.33 |
|
Mr. Deepak Sharma Nationality: Indian Address : 223/18
Nares Rd., Siphaya,
Bangrak, Bangkok |
9,800 |
16.33 |
|
Mr.
Achitpol Ritmontri Nationality: Thai Address : 125/59
Moo 13, Sila,
Muang, Khon Kaen |
7,650 |
12.75 |
|
Ms.
Supaporn Ritmontri Nationality: Thai Address : 99 Mahaesak Rd., Suriyawongse, Bangkok, Bangkok |
7,650 |
12.75 |
|
Mrs.
Noothien Panyapradit Nationality: Thai Address : 99
Mahaesak Rd., Suriyawongse, Bangkok, Bangkok |
7,650 |
12.75 |
|
Mr. Arnont Na-udom Nationality: Thai Address : 505/22
Charoenkrung Rd., Watphrayakrai,
Bangkorlaem, Bangkok |
7,650 |
12.75 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Kobkaew Chuaysomboon No. 6026
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 was:
ASSETS
|
Current Assets |
2005 |
|
|
|
|
Cash in hand
& at Bank
|
3,668,070.18 |
|
Inventories |
629,489.59 |
|
Total Current
Assets |
4,297,559.77 |
|
Total Assets |
4,297,559.77 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
|
|
|
|
Trade Accts. Payable |
700,908.63 |
|
Other Current Liabilities |
19,834.00 |
|
Total Current
Liabilities |
720,742.63 |
|
Total Liabilities |
720,742.63 |
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
|
Capital Paid |
4,000,000.00 |
|
Retained Earning -
Unappropriated |
[423,182.86] |
|
Total
Shareholders' Equity |
3,576,817.14 |
|
Total
Liabilities & Shareholders' Equity |
4,297,559.77 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
June 6,
2005- Dec. 31,
2005 |
|
|
|
|
Sales |
425,153.96 |
|
Other Income |
2,356.84 |
|
Total Revenues
|
427,510.80 |
|
Expenses |
|
|
|
|
|
Cost of Goods
Sold |
338,299.38 |
|
Selling & Administrative Expenses |
512,394.28 |
|
Total Expenses |
850,693.66 |
|
Net Profit / [Loss] |
[423,182.86] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Profitability |
2005 |
|
Cost of Goods
Sold |
79.57 |
|
Operating Profit Margin |
[99.54] |
|
S&A expenses |
120.52 |
|
Other Revenues |
0.55 |
|
Net Profit Margin |
[99.54] |
|
Earning Per Shares |
[10.58] |
|
No. of Shares |
40,000 |
Compare each cost with sales, Cost of Goods Sold was 79.57%, Operating Profit Margin was -99.54%, S & A Expenses were 120.52%, Other Revenues was 0.55%, Net Profit Margin was -99.54%.
Earning Per Shares was -10.58 baht per share.
Liquidity
|
Liquidity |
2005 |
|
Current Ratio |
5.96 |
|
Quick - assets ratio |
5.09 |
Current Ratio was 5.96, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was 5.09, capacity to pay Short Term Loan was good too, because Current Assets without Inventory can cover Current Liabilities.
Leverage
|
Leverage |
2005 |
|
D/E Ratio |
0.20 |
D/E Ratio was 0.20, show the company had fund from Equity more than fund from Loan, investment risked of the company is low.
Efficiency
|
Efficiency |
2005 |
|
Total Assets Turnover |
0.10 |
|
Return on Assets |
[9.85] |
|
Return on Equity |
[11.83] |
|
Day’s Payable |
593.50 |
|
Day’s Inventories |
533.02 |
Total Assets Turnover was 0.10 times, show the company could use Assets so efficiently, and Return on Assets was -9.85, Return on Equity was -11.83, capacity to use Assets to make profit was not good.
Day’s Payable was 594 days, and Day’s Inventories was 534 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%)
PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions