MIRA
INFORM REPORT
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Report Date : |
12th March, 2007 |
IDENTIFICATION DETAILS
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Name : |
NOOR GEMS CO., LTD. |
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Formerly Known As : |
N. G. [THAILAND] CO., LTD. |
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Registered Office : |
40th Floor, Jewellery Trade Center Building, 919/476 Silom Road, Silom, Bangrak, Bangkok 10500, Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
24.08.1995 |
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Com. Reg. No.: |
0105538100811 [Former:
2065/2538] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in importing, distributing and exporting various kinds of
diamond and semi-precious stone. |
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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Maximum Credit Limit : |
BH 4 000 000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
NOOR GEMS
CO., LTD.
[FORMER
: N. G. [THAILAND]
CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 40th FLOOR, JEWELLERY
TRADE CENTER
BUILDING, 919/476
SILOM ROAD, SILOM,
BANGRAK,
BANGKOK 10500, THAILAND
TELEPHONE : [66] 2630-3091-2
FAX : [66] 2630-3091
E-MAIL ADDRESS : noorgemsthai@yahoo.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION NO.
: 0105538100811 [Former: 2065/2538]
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.
MOHAMMAD SHAREEP, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 5
LINES OF
BUSINESS : DIAMOND AND SEMI PRECIOUS
STONE
IMPORTER, DISTRIBUTOR
AND EXPORTER
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 August 24,
1995 as a
private limited company under originally
registered name “N. G.
[Thailand] Co., Ltd.”,
by Thai and
Indian groups, with the
business objective to
engage in jewelry
trading business.
In
December, 2006, subject
was changed its
name to be
NOOR GEMS CO.,
LTD. It currently
employs 5 staff.
The
subject’s registered address
was initially located
at 987 Rama Jewelry Building,
Silom Rd., Silom,
Bangrak, Bangkok 10500.
On
December 8, 2006,
it was relocated to 40th Floor, Jewellery
Trade Center Bldg.,
919/476 Silom Rd.,
Silom, Bangrak, Bangkok
10500, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
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Name |
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Nationality |
Age |
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Mr. Shakeel Ahmed Ansari |
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Nepalese |
51 |
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Mr. Mohammad Shareep |
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Indian |
37 |
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Mr. Tabrez Ahmed Ansari |
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Indian |
26 |
AUTHORIZED PERSON
One of the above
directors can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Mohammad Shareep
is the Managing Director.
He is Indian nationality with
the age of
37 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing, distributing and exporting
various kinds of
diamond and semi-precious stone.
IMPORT
100%
of the products is imported
from India, Brazil,
Hong Kong and
Republic of China.
SALES
The products are
sold locally by
wholesale to traders,
manufacturers and end-users.
EXPORT
The products are
exported to United
States of America
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.
Imports are by
L/C at sight or T/T.
Exports are against
T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[J T C Branch : Surasak
Rd., Silom, Bangrak,
Bangkok]
EMPLOYMENT
The
subject employs 5
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 operates small
business as well
as its sales was uncertain
and relatively slow.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
4,000,000 divided into
40,000 shares of
Bht. 100 each.
On
December 23, 2002, the capital was increased to
Bht. 15,000,000 divided
into 150,000 shares
of Bht. 100
each with fully
paid.
On
October 6, 2006,
the capital was
decreased to Bht. 6,000,000 divided into 60,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at December 14,
2006]
|
NAME |
HOLDING |
% |
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Mr.
Mohammad Shareep Nationality: Indian Address : 5222 Jaipur, India |
21,000 |
35.67 |
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Mr. Zubir Ahmed
Ansari Nationality: Indian Address : 987
Silom Rd., Silom,
Bangrak, Bangkok |
8,400 |
13.33 |
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Ms.
Chintana Kate Nationality: Thai Address : 221
Moo 9, Suanyai,
Thachana, Suratthani |
6,120 |
10.20 |
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Mr.
Supakorn Nam-on Nationality: Thai Address : 28
Moo 7, Buengsamphan, Petchabun |
6,120 |
10.20 |
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Ms.
Nanthawan Chittham Nationality: Thai Address : 149
Prasong, Thachana, Suratthani |
6,120 |
10.20 |
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Ms.
Boonyanuch Krasiri Nationality: Thai Address : 913
Krasiri Rd., Bangklo,
Bangkorlaem, Bangkok |
6,120 |
10.20 |
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Mr. Som Piew-ondee Nationality: Thai Address : 35
Moo 4, Jomphra, Surin |
6,120 |
10.20 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Jate Suphawatrangam No. 1382
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
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Cash in hand
& at Bank
|
233,741.88 |
209,149.87 |
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Trade Accts. Receivable |
7,838,057.30 |
3,386,810.44 |
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Inventories |
1,743,667.31 |
4,990,654.58 |
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Deferred Interest |
110,000.00 |
55,000.00 |
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Receivable-Revenue
Department |
6,600.52 |
95,603.48 |
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Total Current
Assets |
9,932,067.01 |
8,737,218.37 |
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Receivable Loan to
Director |
11,000,000.00 |
11,000,000.00 |
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Fixed Assets |
1.00 |
1.00 |
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Income Tax |
35,300.00 |
35,300.00 |
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Refundable- Revenue
Department |
25,561.31 |
25,561.31 |
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Total Assets |
20,992,929.32 |
19,798,080.68 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Trade Accts. Payable |
4,403,573.99 |
2,989,463.05 |
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Pre-receipt Income |
- |
480,388.50 |
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Other Current Liabilities |
78,371.21 |
40,988.15 |
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Total Current
Liabilities |
4,481,945.20 |
3,510,839.70 |
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Total Liabilities |
4,481,945.20 |
3,510,839.70 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 150,000 shares
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15,000,000.00 |
15,000,000.00 |
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Capital Paid |
15,000,000.00 |
15,000,000.00 |
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Retained Earning -
Unappropriated |
1,510,984.12 |
1,287,240.98 |
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Total
Shareholders' Equity |
16,510,984.12 |
16,287,240.98 |
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Total
Liabilities & Shareholders' Equity |
20,992,929.32 |
19,798,080.68 |
PROFIT & LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
11,102,403.54 |
7,146,952.06 |
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Gain on Exchange
Rate |
5,721.83 |
- |
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Other Income |
55,000.00 |
55,000.00 |
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Total Revenues
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11,163,125.37 |
7,201,952.06 |
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Expenses |
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Cost of Goods Sold |
8,998,355.69 |
5,782,142.14 |
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Selling & Administrative Expenses |
1,841,617.33 |
1,216,751.11 |
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Total Expenses |
10,839,973.02 |
6,998,893.25 |
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Profit / [Loss] Before Income
Tax |
323,152.35 |
203,058.81 |
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Income Tax |
[99,409.21] |
[61,132.97] |
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Net Profit / [Loss] |
223,743.14 |
141,925.84 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
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Annual Growth |
2005 |
2004 |
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Net Sales |
55.34 |
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Operating Profit |
2.44 |
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Net Profit |
57.65 |
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Total Assets |
6.04 |
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Profitability |
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Cost of Good
Sold |
81.05 |
80.90 |
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Operating Profit Margin |
2.91 |
2.84 |
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S & A
Expenses |
16.59 |
17.02 |
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Other Revenues |
0.55 |
0.77 |
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Net Profit Margin |
2.02 |
1.99 |
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Earning Per Shares |
1.49 |
0.95 |
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No. of Shares |
150,000 |
150,000 |
Net Sales was
increased by 55.34%,
Operating Profit was
increased by 2.44%,
Net Profit was
increased by 57.65%,
Total Assets was
increased by 6.04%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 80.90%
to 81.05%, Operating
Profit Margin was
increased from 2.84%
to 2.91%, S
& A Expenses
was decreased from
17.02% to 16.59%,
Other Revenues was
decreased from 0.77%
to 0.55%, Net
Profit Margin was
increased from 1.99%
to 2.02%.
Earning Per Shares
was increased from
0.95 baht per
share to 1.49
baht per share.
Liquidity
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Liquidity |
2005 |
2004 |
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Current Ratio |
2.22 |
2.49 |
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Quick - assets
ratio |
1.80 |
1.02 |
Current Ratio was
decreased from 2.49
to 2.22, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick -
assets ratio was
increased from 1.02
to 1.80, capacity
to pay Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
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Leverage |
2005 |
2004 |
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D/E Ratio |
0.27 |
0.22 |
D/E Ratio was
increased from 0.22
to 0.27, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets Turnover |
11,102,403.54 |
7,146,952.06 |
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Total Assets Turnover |
0.53 |
0.36 |
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Return on Assets |
1.07 |
0.72 |
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Return on Equity |
1.36 |
0.87 |
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Day's Payable |
143.00 |
151.00 |
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Day’s Inventories |
57.00 |
252.00 |
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Day’s Receivables |
255.00 |
171.00 |
Fixed Assets Turnover
was increased from
7146952.00 times to
11102400.00 times, Total
Assets Turnover was
increased from 0.36
times to 0.53
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
0.72 to 1.07,
Return on Equity
was increased from
0.87 to 1.36,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 151
days to 143
days, and Day’s
Inventories was decreased
from 252 days
to 57 days, while Day’s
Receivables was increased
from 171 days
to 255 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%)