MIRA
INFORM REPORT
|
Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
C G DIAM CO., LTD. |
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Registered Office : |
Room
215B, 36th
Floor, Gems Tower, 1249/215 Charoenkrung
Road, Suriyawongs, 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 : |
1998 |
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Com. Reg. No.: |
0105541070677 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing, distributing and
exporting of gemstones
and gold 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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
C G DIAM CO., LTD.
SUMMARY
BUSINESS ADDRESS : ROOM
215B, 36th
FLOOR, GEMS TOWER, 1249/215
CHAROENKRUNG ROAD,
SURIYAWONGS, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2267-4801
FAX : [66] 2267-4809
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1998
REGISTRATION NO.
: 0105541070677 [Former : 1056/2541]
CAPITAL
REGISTERED : BHT. 5,000,000
CAPITAL
PAID-UP : BHT. 5,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. ADIT BAKUL SHAH, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 5
LINES OF
BUSINESS : GEMS
AND JEWELRY PRODUCTS
IMPORTER, DSITRIBUTOR
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 November 11,
1998 as a
private limited company under the name style
C G DIAM CO.,
LTD., by Thai
and Indian groups,
in order to
engage in jewelry
trading business. It
currently employs 5
staff.
The
subject’s registered address
was initially located
at Room 7/A,
Navarat Mansion, 223/27
Nares Rd., Siphaya,
Bangrak, Bangkok 10500.
On
January 23, 2007
the subject was
relocated to Room
215 B 36th Flr.,
Gems Tower, 1249/215
Charoenkrung Rd., Suriyawongs, Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
Mr. Adit Bakul Shah
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Adit Bakul
Shah is the Managing Director.
He is Indian nationality with
the age of
26 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
of gemstones and
gold jewelry products.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas, mainly in
India and South
Africa.
SALES
The products are
sold to customer
both local and
overseas, mainly in
India 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, D/A or
T/T.
BANKING
Banker’s name was
not disclosed.
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
current economic slowdown
has slightly affected
the company’s business,
with overall revenue
growth projection to
slow down only
a few percentage. Its sales
are quite resilient.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into
20,000 shares of Bht. 100 each.
On
August 1, 2002,
the capital was
increased to Bht. 5,000,000 divided into 50,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at
March 5,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Adit Bakul
Shah Nationality: Indian Address : 223/27
Nares Rd., Siphya,
Bangrak, Bangkok |
20,800 |
41.60 |
|
Ms. Kusuma Somwang Nationality: Thai Address : 341/34
Charansanitwong Rd., Bangkhunsri,
Bangkoknoi, Bangkok |
5,100 |
10.20 |
|
Ms.
Orachorn Mahamad Nationality: Thai Address : 113
Moo 5, Napho,
Swee, Chumporn |
5,100 |
10.20 |
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Mr.
Supakorn Nam-on Nationality: Thai Address : 28
Moo 7, Buengsamphan, Petchabun |
5,100 |
10.20 |
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Ms. Rat Chanthongthip Nationality: Thai Address : 28
Moo 4, Goodpladuk, Chuenchom, Mahasarakham |
5,100 |
10.20 |
|
Ms. Sunetta Yuanhee Nationality: Thai Address : 4/41
Utasahakam Rd., Sateng,
Muang, Yala |
5,100 |
10.20 |
|
Mr.
Pratikkumar Nanalal Metta Nationality: Indian Address : 3/32
Ruschad, India |
3,700 |
7.40 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Mr. Jate Suppatranam 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
|
118,624.15 |
255,870.29 |
|
Trade Accts. Receivable |
13,634,106.80 |
4,975,959.98 |
|
Inventories |
4,541,070.72 |
156,680.05 |
|
Deferred Interest |
3,500.00 |
3,500.00 |
|
Prepaid Income Tax |
- |
5,400.01 |
|
Total Current
Assets |
18,197,301.67 |
5,397,410.33 |
|
Loan to Director |
- |
350,000.00 |
|
Fixed Assets |
34,502.32 |
51,602.52 |
|
Other Assets |
5,400.01 |
- |
|
Total Assets |
18,237,204.00 |
5,799,012.85 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Trade Accts. Payable |
12,238,036.81 |
302,818.00 |
|
Other Current Liabilities |
93,706.51 |
6,875.00 |
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Total Current
Liabilities |
12,331,743.32 |
309,693.00 |
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Total Liabilities |
12,331,743.32 |
309,693.00 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning -
Unappropriated |
905,460.68 |
489,319.85 |
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Total
Shareholders' Equity |
5,905,460.68 |
5,489,319.85 |
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Total
Liabilities & Shareholders' Equity |
18,237,204.00 |
5,799,012.85 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
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Sales |
37,582,810.20 |
12,393,470.90 |
|
Gain from Exchange
Rate |
180,242.20 |
- |
|
Other Income |
- |
3,500.00 |
|
Total Revenues
|
37,763,052.40 |
12,396,970.90 |
|
Expenses |
|
|
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Cost of Goods
Sold |
35,226,149.00 |
11,490,548.41 |
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Selling & Administrative Expenses |
2,038,683.32 |
827,146.59 |
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Total Expenses |
37,264,832.32 |
12,317,695.00 |
|
Profit / [Loss] Before Income
Tax |
498,220.08 |
79,275.90 |
|
Income Tax |
[82,079.25] |
[12,599.99] |
|
Net Profit / [Loss] |
416,140.83 |
66,675.91 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
203.25 |
|
|
Operating Profit |
107.24 |
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Net Profit |
524.12 |
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Fixed Assets |
[33.14] |
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Total Assets |
214.49 |
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Profitability |
|
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Cost of Good
Sold |
93.73 |
92.71 |
|
Operating Profit Margin |
1.33 |
0.64 |
|
S & A
Expenses |
5.42 |
6.67 |
|
Other Revenues |
0.48 |
0.03 |
|
Net Profit Margin |
1.11 |
0.54 |
|
Earning Per Shares |
8.32 |
1.33 |
|
No. of Shares |
50,000 |
50,000 |
Net Sales was increased by 203.25%, Operating Profit was increased by 107.24%, Net Profit was increased by 524.12%, Fixed Assets was decreased by 33.14%, Total Assets was increased by 214.49%.
Compare each cost with sales, Cost of Good Sold was increased from 92.71% to 93.73%, Operating Profit Margin was increased from 0.64% to 1.33%, S & A Expenses was decreased from 6.67% to 5.42%, Other Revenues was increased from 0.03% to 0.48%, Net Profit Margin was increased from 0.54% to 1.11%.
Earning Per Shares
was increased from
1.33 baht per
share to 8.32
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.48 |
17.43 |
|
Quick - assets
ratio |
1.11 |
16.89 |
Current Ratio was
decreased from 17.43
to 1.48, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick -
assets ratio was
decreased from 16.89
to 1.11, 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 |
2.09 |
0.06 |
D/E Ratio was
increased from 0.06
to 2.09, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
1,089.28 |
240.17 |
|
Total Assets Turnover |
2.06 |
2.14 |
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Return on Assets |
2.28 |
1.15 |
|
Return on Equity |
7.05 |
1.21 |
|
Day's Payable |
118.00 |
9.00 |
|
Day’s Inventories |
44.00 |
5.00 |
|
Day’s Receivables |
131.00 |
145.00 |
Fixed Assets Turnover
was increased from
240.17 times to
1089.28 times, Total
Assets Turnover was
decreased from 2.14
times to 2.06
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was increased
from 1.15 to
2.28, Return on
Equity was increased
from 1.21 to
7.05, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 9
days to 118
days, and Day’s
Inventories was increased
from 5 days to 44
days, while Day’s
Receivables was decreased
from 145 days
to 131 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 |
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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%)