MIRA
INFORM REPORT
|
Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MANEE DIAM CO., LTD. |
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Registered Office : |
22nd Floor, Bangkok Gems
& Jewellery Building, 322/54 Surawong Road, Siphya,
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 : |
2003 |
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Com. Reg. No.: |
0105546037112 |
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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, 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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
MANEE DIAM CO., LTD.
SUMMARY
BUSINESS ADDRESS : 22nd FLOOR, BANGKOK GEMS
& JEWELLERY BUILDING,
322/54 SURAWONG
ROAD, SIPHYA,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2631-8990-2
FAX : [66]
2631-8996
E-MAIL ADDRESS : maneediam@yahoo.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO.
: 0105546037112 [Former :
10454600656]
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.
PRAKAZ S. ITALIA,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 8
LINES OF
BUSINESS : GEMS AND
JEWELRY PRODUCTS
IMPORTER &
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The subject was
established on March 24,
2003 as a
private limited company
under the name
style MANEE DIAM
CO., LTD. by
Indian and Thai
groups, in order to
import and export of
jewelry products. It
currently employs 8
staff.
The subject’s registered address was initially located at 297
Surawong Rd., Suriyawongse,
Bangrak, Bangkok 10500.
In 2005, it was
relocated to 22nd Floor, Bangkok
Gems & Jewellery Building,
322/54 Surawong Rd., Siphya,
Bangrak, Bangkok 10500, and
this is the
company’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Nilesh S.
Italiya |
Indian |
32 |
|
Mr. Prakaz S.
Italia |
Indian |
29 |
|
Mrs. Shada Nilesh
Italiya |
Indian |
31 |
AUTHORIZED PERSON
One of the above
directors can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Prakaz
S. Italia is
the Managing Director.
He is Indian nationality with
the age of
29 years old.
Mr. Nilesh
S. Italiya is the Executive Director.
He is Indian nationality with
the age of
32 years old
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
various kinds of
diamond, gemstones and
jewelry products.
PURCHASE
The products are
purchased from both
domestic and overseas
suppliers mainly in
India Hong Kong, Africa
and Belgium.
SALES
The products are
sold locally, as
well as are
exported by wholesale
to traders and
manufacturers in India,
United States of
America, Japan, Korea,
Taiwan, Hong Kong
and European Union
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.
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
on negotiated term.
Exports are against
L/C at sight or T/T
on negotiated term.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom Rd.,
Silom, Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
approximately 8 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 has
been enjoying an
outstanding performance in
previous year. Its
business trend is
in progress.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each.
The capital was
increased later as
follows:
Bht. 4,000,000
on April 29,
2003
Bht. 10,000,000
on January 17,
2005
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
December 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nilesh
S. Italiya Nationality : Indian Address : 322/54
Surawongse Rd., Siphya, Bangrak,
Bangkok 10500 |
15,000 |
15.00 |
|
Mr. Prakaz
S. Italia Nationality : Indian Address : 322/54
Surawongse Rd., Siphya,
Bangrak, Bangkok
10500 |
15,000 |
15.00 |
|
Mrs. Shada
Niresh Italiya Nationality : Indian Address : 322/54
Surawongse Rd., Siphya,
Bangrak, Bangkok 10500 |
15,000 |
15.00 |
|
Mr. Suparp
Chansri Nationality : Thai Address : 41
Moo 14, Nongjaeng, Buengsamphan,
Petchaboon Province |
13,750 |
13.75 |
|
Ms. Jamriang
Narkjai Nationality : Thai Address : 443
Moo 8, Laemrangking, Buengnarang,
Pichitr Province |
13,750 |
13.75 |
|
Mr. Charnnarong Poolsuk Nationality : Thai Address : 9
Moo 6, Saensuk,
Varinchamrab,
Ubonratchathani Province |
13,750 |
13.75 |
|
Ms. Nujaree
Chuenjai Nationality : Thai Address : 6 Moo 5,
Suksamran, Takfah,
Nakornsawan Province |
13,750 |
13.75 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Sirin Tanariyakul No.
7067
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2005
& 2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in Hand & at Bank |
164,804.75 |
520,567.62 |
|
Trade Accts. Receivable |
136,569,129.25 |
35,623,765.62 |
|
Inventories |
172,802,655.53 |
114,638,815.60 |
|
Other Current Assets |
155,089.69 |
94,317.26 |
|
|
|
|
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Total Current
Assets |
309,691,679.22 |
150,877,466.10 |
|
Fixed Assets |
692,143.52 |
754,833.84 |
|
Other Assets |
- |
28,800.00 |
|
Total Assets |
310,383,822.74 |
151,661,099.94 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
271,039,780.22 |
143,324,971.70 |
|
Accrued Income Tax |
296,530.01 |
453,378.58 |
|
Other Current Liabilities |
861,185.74 |
744,187.93 |
|
Total Current
Liabilities |
272,197,495.97 |
144,522,538.21 |
|
|
|
|
|
Loan from Related
Person |
22,500,000.00 |
- |
|
Total Liabilities |
294,697,495.97 |
144,522,538.21 |
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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 &
40,000 shares in 2005 & 2004 |
10,000,000.00 |
4,000,000.00 |
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|
|
|
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Capital Paid |
10,000,000.00 |
4,000,000.00 |
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Retained Earning -
Unappropriated |
5,686,326.77 |
3,138,561.73 |
|
Total
Shareholders' Equity |
15,686,326.77 |
7,138,561.73 |
|
Total
Liabilities & Shareholders' Equity |
310,383,822.74 |
151,661,099.94 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Export Income |
433,800,628.26 |
103,920,751.87 |
|
Gain from Exchange
Rate |
- |
4,644,339.35 |
|
Other Income |
28,593.07 |
- |
|
Total Revenues
|
433,829,221.33 |
108,565,091.22 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
415,689,285.85 |
103,253,707.78 |
|
Selling & Administrative Expenses |
6,193,102.33 |
2,691,661.93 |
|
Loss on Exchange
Rate |
8,292,538.10 |
- |
|
Total Expenses |
430,174,926.28 |
105,945,369.71 |
|
|
|
|
|
Profit / [Loss] Before
Income Tax |
3,654,295.05 |
2,619,721.51 |
|
Income Tax |
[1,106,530.01] |
[573,378.58] |
|
Net Profit / [Loss] |
2,547,765.04 |
2,046,342.93 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
317.43 |
|
|
Operating Profit |
9.25 |
|
|
Net Profit |
24.50 |
|
|
Fixed Assets |
[8.31] |
|
|
Total Assets |
104.66 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
95.82 |
99.36 |
|
Operating Profit Margin |
2.75 |
2.52 |
|
S & A
Expenses |
1.43 |
2.59 |
|
Other Revenues |
0.01 |
4.47 |
|
Net Profit Margin |
0.59 |
1.97 |
|
Earning Per Shares |
25.48 |
51.16 |
|
No. of Shares |
100,000 |
40,000 |
Net Sales was increased by 317.43%, Operating Profit was increased by 9.25%, Net Profit was increased by 24.50%, Fixed Assets was decreased by 8.31%, Total Assets was increased by 104.66%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 99.36%
to 95.82%, Operating
Profit Margin was
increased from 2.52%
to 2.75%, S
& A Expenses
was decreased from
2.59% to 1.43%,
Other Revenues was
decreased from 4.47%
to 0.01%, Net
Profit Margin was
decreased from 1.97%
to 0.59%.
Earning Per Shares
was decreased from
51.16 baht per
share to 25.48
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.14 |
1.04 |
|
Quick - assets
ratio |
0.50 |
0.25 |
Current Ratio
was increased from
1.04 to 1.14,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
Quick - assets
ratio was increased
from 0.25 to
0.50, 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 |
18.79 |
20.25 |
D/E Ratio was
decreased from 20.25
to 18.79, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
626.75 |
137.67 |
|
Total Assets Turnover |
1.40 |
0.69 |
|
Return on Assets |
0.82 |
1.35 |
|
Return on Equity |
16.24 |
28.67 |
|
Day's Payable |
225.00 |
497.00 |
|
Day’s Inventories |
144.00 |
398.00 |
|
Day’s Receivables |
114.00 |
124.00 |
Fixed Assets Turnover
was increased from
137.67 times to
626.75 times, Total
Assets Turnover was
increased from 0.69
times to 1.40
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
1.35 to 0.82,
Return on Equity
was decreased from
28.67 to 16.24,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
decreased from 497 days to
225 days, Day’s
Inventories was decreased
from 398 days
to 144 days, and Day’s
Receivables was decreased
from 124 days
to 114 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%)