MIRA
INFORM REPORT
|
Report Date : |
13th March, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
RUCHIT GEMS CO., LTD |
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Registered Office : |
Unit 2110, 21st Floor, Jewelry Trade Center, 919/272 Silom Road, Silom, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
26.11.1999 |
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Com. Reg. No.: |
0105542091686 [Former : 1435/2542] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged importing, distributing and exporting of
jewelry, diamonds, gemstones
and etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Company Name
RUCHIT GEMS
CO., LTD
SUMMARY
BUSINESS ADDRESS : UNIT 2110, 21st FLOOR,
JEWELRY TRADE CENTER,
919/272 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2630-0552-3
FAX : [66] 2630-0554
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO.
: 0105542091686 [Former
: 1435/2542]
CAPITAL
REGISTERED : BHT. 10,000,000
CAPITAL
PAID-UP : BHT. 10,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
VIRAL KIRAN SHAH,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 3
LINES OF
BUSINESS : JEWELRY PRODUCTS
IMPORTER, DISTRIBUTOR
& 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 November 26, 1999
as a private limited company under the name style
“RUCHIT GEMS CO.,
LTD.” by Thai
groups, to engage
in importing, distributing and exporting of
jewelry products. It
currently employs 3
staff.
The subject’s registered
address was initially
located at 223/35
Trok Puttaosot, Charoenkrung Rd., Siphya, Bangrak,
Bangkok 10500.
On
August 1, 2003
the subject’s registered
address was relocated
to 919/272 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. Viral Kiran
Shah |
|
Indian |
31 |
|
Mr. Aatur Piyush
Shah |
|
Indian |
25 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Viral
Kiran Shah is
the Managing Director.
He is Indian nationality with
the age of
31 years old.
BUSINESS OPERATIONS
The subject is
engaged importing, distributing and exporting of
jewelry, diamonds, gemstones
and etc.
PURCHASE
Most of diamonds
and gemstones are
imported from India
and South Africa,
and the jewelry
products are purchased
from local suppliers.
EXPORT
The jewelry products
are exported to
India, Japan and
Hong Kong.
SALES
The products are
sold to wholesalers
and end-users.
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 days.
Local bills are
paid by cash
or on the credits term
of 30 days.
Imports are by
L/C at sight or T/T.
Exports are against
L/C at sight & T/T.
BANKING
Bharat Overseas
Bank Ltd.
[Bangkok Office :
221 Rajawongse Rd.,
Samphanthawongse, Bangkok 10100]
EMPLOYMENT
The
subject employs 3 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial area.
COMMENT
The Thai jewelry products remains
upbeat in international markets
with the sophisticate design and prices
attractive. Thai design is more
diversified and international as well
as labour quality is excellent.
While loose gem stone and
diamond are still in high
demand from local
jewelry productions.
The subject is
doing moderate business.
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. 6,000,000 on June 27,
2002
Bht. 10,000,000 on November 12,
2004
The
latest registered capital
was increased to
Bht. 10,000,000 divided
into 100,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Viral
Kiran Shah Nationality: Indian Address : 504
Tripuone, Rimland
Theater, Mumbai, India |
35,000 |
35.00 |
|
Mr. Aatur
Piyush Shah Nationality: Indian Address : 223/35
Trok Puttaosot, Charoenkrung Rd., Siphya, Bangrak,
Bangkok 10500 |
14,000 |
14.00 |
|
Mr. Santi
Leechalard Nationality: Thai Address : 86
Krungkasem Rd., Mahanark,
Pomprabsattrupai, Bangkok |
11,000 |
11.00 |
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Mr. Narong
Promsin Nationality: Thai Address : 84
Krungkasem Rd., Mahanark,
Pomprabsattrupai, Bangkok |
10,000 |
10.00 |
|
Mr. Manas
Oreeparb Nationality: Thai Address : 84
Krungkasem Rd., Mahanark,
Pomprabsattrupai, Bangkok |
10,000 |
10.00 |
|
Mr. Boonlai
Lualon Nationality: Thai Address : 55
Moo 12, T.
Nongchon, A. Chiangyuen, Mahasarakarm
|
10,000 |
10.00 |
|
Mrs. Ratchada
Wongwian Nationality: Thai Address : 267
Tadindaeng Rd., Somdejchaopraya, Kjongsarn,
Bangkok |
10,000 |
10.00 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Pisanuporn Phatibandit No.
6530
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
|
52,267.54 |
127,884.46 |
|
Trade Accts. Receivable |
12,984,104.34 |
11,806,297.27 |
|
Accts. Receivable -
Revenue Department |
204.48 |
- |
|
Inventories |
34,635,505.67 |
23,522,189.20 |
|
Undue Input Tax |
2,325.29 |
- |
|
|
|
|
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Total Current
Assets |
47,674,407.32 |
35,456,370.93 |
|
Fixed Assets |
7,826.25 |
10,358.18 |
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Total Assets |
47,682,233.57 |
35,466,729.11 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Bank Overdraft |
- |
1,006,485.26 |
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Trade Accts. Payable |
18,410,476.33 |
7,258,420.11 |
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Other Current Liabilities |
170,509.23 |
55,284.81 |
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Total Current
Liabilities |
18,580,985.56 |
8,320,190.18 |
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Account Payable -
Loan from Bank |
3,108,494.50 |
2,120,700.23 |
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Account Payable -
Loan from Directors |
20,444,190.15 |
15,530,000.00 |
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Total Liabilities |
42,133,670.21 |
25,970,890.41 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
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Capital Paid |
10,000,000.00 |
10,000,000.00 |
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Unappropriated [Deficit] |
[4,451,436.64] |
[504,161.30] |
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Total
Shareholders' Equity |
5,548,563.36 |
9,495,838.70 |
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Total
Liabilities & Shareholders' Equity |
47.682.233.57 |
35,466,729.11 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
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Sales - Overseas |
4,345,711.05 |
5,361,261.68 |
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Sales - Domestic
with Value Added
Tax |
23,720,536.28 |
14,202,431.75 |
|
Sales - Domestic
without Value Added
Tax |
5,986,046.66 |
8,320,305.72 |
|
Gain from Exchange
Rate |
- |
187,684.08 |
|
Other Income |
0.16 |
- |
|
Total Revenues
|
34,052,294.15 |
28,071,683.23 |
|
Expenses |
|
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Cost of Goods
Sold |
34,713,658.15 |
26,317,698.98 |
|
Selling & Administrative Expenses |
3,128,757.55 |
2,218,017.66 |
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Total Expenses |
37,842,415.70 |
28,535,716.64 |
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|
|
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Profit / [Loss] before
Interest Expenses &
Income Tax |
[3,790,121.55] |
[464,033.41] |
|
Interest Expenses |
[96,153.79] |
[68,476.72] |
|
Income Tax |
[61,000.00] |
[70,825.24] |
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|
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Net Profit / [Loss] |
[3,947,275.34] |
[603,335.37] |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
22.12 |
|
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Operating Profit |
568.83 |
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Net Profit |
[554.24] |
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Fixed Assets |
[24.44] |
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Total Assets |
34.44 |
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Profitability |
|
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Cost of Good
Sold |
101.94 |
94.38 |
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Operating Profit Margin |
[11.13] |
[1.66] |
|
S & A
Expenses |
9.19 |
7.95 |
|
Interest Paid |
0.28 |
0.25 |
|
Other Revenues |
0.00 |
0.67 |
|
Net Profit Margin |
[11.59] |
[2.16] |
|
Earning Per Shares |
[39.47] |
[6.03] |
|
No. of Shares |
100,000 |
100,000 |
Net Sales was
increased by 22.12%,
Operating Profit was
increased by 568.83%,
Net Profit was
decreased by 554.24%,
Fixed Assets was
decreased by 24.44%,
Total Assets was
increased by 34.44%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 94.38%
to 101.94%, Operating
Profit Margin was
decreased from -1.66%
to -11.13%, S
& A Expenses
was increased from
7.95% to 9.19%,
Interest Paid was increased
from 0.25% to
0.28%, Other Revenues
was decreased from
0.67% to 0.00%,
Net Profit Margin
was decreased from
-2.16% to -11.59%.
Earning Per Shares
was decreased from
-6.03 baht per
share to -39.47
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
2.57 |
4.26 |
|
Quick - assets
ratio |
0.70 |
1.43 |
Current Ratio was
decreased from 4.26
to 2.57, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
so good, Quick
- assets ratio
was decreased from
1.43 to 0.70,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
7.59 |
2.73 |
|
Times Interest Earned |
[39.42] |
[6.78] |
D/E Ratio was increased from
2.73 to 7.59,
show the company
had fund from
Loan more than
fund from Equity,
investment risked of
the company is
high, Times Interest
Earned was decreased
from -6.78 to
-39.42, capacity to
pay interest paid
was not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
4,351.04 |
2,691.98 |
|
Total Assets Turnover |
0.71 |
0.79 |
|
Return on Assets |
[8.28] |
[1.70] |
|
Return on Equity |
[71.14] |
[6.35] |
|
Day's Payable |
195 |
94 |
|
Day’s Inventories |
367 |
304 |
|
Day’s Receivables |
138 |
153 |
Fixed Assets Turnover
was increased from
2691.98 times to
4351.04 times, Total
Assets Turnover was
decreased from 0.79
times to 0.71
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from -1.70 to
-8.28, Return on
Equity was decreased
from -6.35 to
-71.14, capacity to
use Assets to make profit
was not good.
Day's Payable was
increased from 94
days to 195
days, and Day’s
Inventories was increased
from 304 days
to 367 days, while Day’s
Receivables was decreased
from 153 days
to 138 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 |
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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%)