MIRA
INFORM REPORT
|
Report Date : |
26.03.2007 |
IDENTIFICATION DETAILS
|
Name : |
SUGEM INT CO.,
LTD |
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Formerly Known as: |
MIRAL GEMS CO.,
LTD. |
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Registered Office : |
6th Floor, J. K. Building, 6 Soi Mahaesak 3, Mahesak Road, Suriyawongse, 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 : |
03.05.1994 |
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Com. Reg. No.: |
0105537051850 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged
importing, distributing and re-exporting
various kinds of diamonds. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
SUGEM INT CO.,
LTD.
FORMER
MIRAL GEMS CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 6th FLOOR, J. K.
BUILDING, 6 SOI
MAHAESAK 3,
MAHESAK ROAD, SURIYAWONGSE, BANGRAK,
BANGKOK 10500, THAILAND
TELEPHONE : [66] 2635-6438-9
FAX : [66]
2635-6437
E-MAIL ADDRESS : sugembk@jbgroupworldwide.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO.
: 0105537051850 [Former : 1162/ 2537]
CAPITAL REGISTERED : BHT.
20,000,000
CAPITAL PAID-UP
: BHT.
20,000,000
FISCAL YEAR CLOSING DATE : DECEMBER
31
LEGAL STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR. VINU
VIRJIBHAI KUKADIA, INDIAN
MANAGING
DIRECTOR
NO. OF STAFF
: 12
LINES OF BUSINESS : DIAMONDS
IMPORTER,
DISTRIBUTOR AND RE-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 May
3, 1994 as
a private limited
company under the originally
registered name “Miral Gems
Co., Ltd.”, by
Thai and Indian
groups, in order
to engage in
diamond trading business.
On July 16,
2004, subject was
changed its name
to be SUGEM INT CO.,
LTD. It currently
employs 12 staff.
Subject is a
member of JB
group of companies,
which the headquarter
is in India.
The subject’s registered
address is 6
Soi Mahaesak 3,
Mahesak Rd., Suriyawongse, 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. Vinu Virjibhai
Kukadia |
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Indian |
34 |
|
Mr. Bhikadia Shantilal
Veljibhai |
|
Indian |
37 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Vinu
Virjibhai Kukadia is the Managing Director.
He is
Indian nationality with
the age of
34 years old.
BUSINESS OPERATIONS
The subject
is engaged importing,
distributing and re-exporting various kinds of
diamonds.
IMPORT
100% of the
products is imported
from India and
Belgium.
SALES
The products are sold locally by wholesale to dealers and manufacturers.
EXPORT
The products
are re-exported to
Hong Kong, Japan,
Italy and U.S.A..
RELATED AND AFFILIATED COMPANY
Jacob’s
Jewelry Co., Ltd.
Business Type
: Manufacturer of
Jewelry products.
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 T/T.
Exports are
against T/T.
BANKING
The Siam
Commercial Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
12 staff.
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address. Premise
is located in a prime
commercial area.
COMMENT
Subject has maintained
its good business
especially from exports.
Demand of diamonds
remains strong from
local jewelry industry
not only for
domestic consumption but
for export markets
as well.
The subject’s business
is moderate.
FINANCIAL INFORMATION
The capital was
registered at Bht.
4,000,000 divided into
40,000 shares of
Bht. 100 each.
The capital was
increased later as
following:
Bht. 6,000,000 on May 7,
1996
Bht. 11,000,000
on August 1,
2000
Bht. 20,000,000
on November 20, 2001
The latest registered
capital was increased
to Bht. 20,000,000 divided
into 200,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at April 5, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Vinu
Virjibhai Kukadia Nationality: Indian Address :
Hanuman Rd., Surat,
India |
97,996 |
49.00 |
|
Mr. Somchit Suwamin Nationality: Thai Address :
18/1 Krungkasem Rd.,
Pomprab, Bangkok |
25,500 |
12.75 |
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Mrs. Urai
Cherdrasmee Nationality: Thai Address :
34 Krungkasem Rd.,
Pomprab, Bangkok |
25,500 |
12.75 |
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Ms. Sukanda Cherdrasmee Nationality: Thai Address :
4 Krungkasem Rd.,
Pomprab, Bangkok |
25,500 |
12.75 |
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Ms. Ratchanee Suwamin Nationality: Thai Address :
18/1 Krungkasem Rd.,
Pomprab, Bangkok |
25,500 |
12.75 |
|
Mr. Bhaikadia Shaltilal Virjibhai Nationality: Indian Address :
Buratalaf Rd., Bafnakar,
India |
2 |
- |
|
Mrs. Kukadia Husben Vinu Nationality: Indian Address :
Hanuman Rd., Surat,
India |
2 |
- |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Vasana
Tanmongkol No. 1888
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 |
1,421,445.38 |
1,712,703.29 |
|
Trade Accts.
& Notes Receivable |
33,979,250.27 |
18,420,352.77 |
|
Inventories |
158,556,626.79 |
122,469,642.18 |
|
Total
Current Assets
|
193,957,322.44 |
142,602,698.24 |
|
|
|
|
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Fixed Assets |
238,679.63 |
298,349.54 |
|
Other Assets |
33,464,160 |
6,000.00 |
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Total
Assets |
227,660,162.07 |
142,907,047.78 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts.
& Notes Payable |
224,079,734.45 |
105,080,528.31 |
|
Other Current
Liabilities |
347,963.85 |
436,564.08 |
|
Total Current Liabilities |
224,427,698.30 |
105,517,092.39 |
|
Payable Loan
Directors |
- |
28,200,000.00 |
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Total
Liabilities |
224,427,698.30 |
133,717,092.39 |
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Shareholders' Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 200,000
shares |
20,000,000.00 |
20,000,000.00 |
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning - Unappropriated |
[16,767,536.23] |
[10,810,044.61] |
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Total Shareholders' Equity |
3,232,463.77 |
9,189,955.39 |
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Total Liabilities &
Shareholders' Equity |
227,660,162.07 |
142,907,047.78 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales-Local |
57,598,369.71 |
54,321,170.22 |
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Sales-Export |
80,028,621.71 |
57,720,118.08 |
|
Interest Income |
646,000.00 |
- |
|
Gain on
Exchange Rate |
- |
6,298,650.01 |
|
Other Income |
26.74 |
336,170.03 |
|
Less: Refundable Goods |
- |
[12,963.83] |
|
Discount Paid |
- |
[5.09] |
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Total
Revenues |
137,944,931.78 |
118,663,139.42 |
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Expenses |
|
|
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Cost of
Goods Sold |
134,496,629.99 |
113,223,117.30 |
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Selling &
Administrative Expenses |
4,710,274.59 |
4,518,228.25 |
|
Other Expenses |
4,695,518.82 |
282,000.00 |
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Total Expenses
|
139,206,904.58 |
118,023,345.55 |
|
Profit /
[Loss] Before Income
Tax |
[5,957,491.62] |
639,793.87 |
|
Income Tax |
- |
[388,879.18] |
|
Net
Profit / [Loss] |
[5,957,491.62] |
250,914.69 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
22.84 |
|
|
Operating |
[211.45] |
|
|
Net Profit |
[2,474.31] |
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|
Fixed Assets |
[20.00] |
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Total Assets |
59.31 |
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Profitability |
|
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Cost of
Goods Sold |
97.73 |
101.05 |
|
Operating Profit
Margin |
[0.92] |
0.82 |
|
S&A expenses |
3.42 |
4.03 |
|
Other Revenues |
0.23 |
5.91 |
|
Net Profit
Margin |
[4.33] |
0.22 |
|
Earning Per
Shares |
[29.79] |
1.25 |
|
No. of
Shares |
200,000 |
200,000 |
Net Sales was
increased by 22.84%,
Operating Profit was
decreased by 211.45%,
Net Profit was
decreased by 2,474.31%,
Fixed Assets was
decreased by 20.00%,
Total Assets was
increased by 59.31%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
101.05% to 97.73%,
Operating Profit Margin
was decreased from
0.82% to -0.92%,
S & A
Expenses were decreased
from 4.03% to
3.42%, Other Revenues
was decreased from
5.91% to 0.23%,
Net Profit Margin
was decreased from
0.22% to -4.33%.
Earning Per
Shares was decreased
from 1.25 baht
per share to
-29.79 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.86 |
1.35 |
|
Quick -
assets ratio |
0.16 |
0.19 |
Current Ratio
was decreased from
1.35 to 0.86,
show Current Assets
can not cover
Current Liabilities, Liquidity
Ratio of the
company was not
good, and Quick-assets Ratio was decreased
from 0.19 to
0.16, capacity to
pay Short Term
Loan was not
good too, because
Current Assets without
Inventory can not
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
69.43 |
14.55 |
D/E Ratio was
increased from 14.55
to 69.43, 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 |
576.62 |
375.54 |
|
Total Assets
Turnover |
0.60 |
0.78 |
|
Return on
Assets |
[2.62] |
0.18 |
|
Return on
Equity |
[184.30] |
2.73 |
|
Day’s Payable |
586.14 |
337.63 |
|
Day’s Inventories |
414.75 |
393.51 |
|
Days’ Receivables |
88.88 |
59.19 |
Fixed Assets Turnover
was increased from
375.54 times to
576.62 times, Total
Assets Turnover was
decreased from 0.78
times to 0.60
times, show the
company could use
Fixed Assets so
efficiently, and Return
on Assets was
decreased from 0.18
to -2.62, Return
on Equity was
decreased from 2.73
to -184.30, capacity
to use Assets to make
profit was not
good.
Day’s Payable
was increased from
338 days to
587 days, Day’s
Inventories was increased
from 394 days
to 415 days, and Day’s
Receivables was increased
from 60 days
to 89 days.
RATING
EXPLANATIONS
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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%)