MIRA
INFORM REPORT
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Report Date : |
16.05.2007 |
IDENTIFICATION DETAILS
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Name : |
PADMAVATI DIAMONDS CO., LTD. |
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Registered Office : |
Unit
2, 14th Floor,
Surawongwatanakarn Building,
322/24 Surawong Road,
Siphya, Bangrak, Bangkok
10500 |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1994 |
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Com. Reg. No.: |
0105537072351 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and distributing various
kinds of diamonds
for jewelry industry. |
RATING & COMMENTS
|
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
PADMAVATI DIAMONDS CO., LTD.
SUMMARY
BUSINESS ADDRESS : UNIT
2, 14TH FLOOR,
TELEPHONE : [66] 2267-1198
FAX : [66] 2267-1211
E-MAIL ADDRESS : vnsah21@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO. : 0105537072351 [Former : 1621/2537]
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.
VIPUL KUMAR NAVIN
CHANDRA SHAH, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 4
LINES OF
BUSINESS : DIAMONDS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was established on June 27, 1994 as a private limited company under the name style PADMAVATI DIAMONDS CO., LTD. by Thai and Indian groups, in order to import and distribute diamonds to local jewelry industry. It currently employs 4 staff.
The subject’s registered
address is Unit
2, 14th Floor,
Surawongwatanakarn Building, 322/24
Surawong Rd., Siphya,
Bangrak, Bangkok 10500,
and this is
the company’s current operation address.
THE BOARD
OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
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Mr. Vipul Kumar
Navin Chandra Shah |
Indian |
40 |
|
Mr. Sanket Bharatkumar
Shah |
Indian |
23 |
|
Mr. Pankaj Vahalchand
Chhatrani |
Indian |
- |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vipul
Kumar Navin Chandra
Shah is the
Managing Director.
He is Indian
nationality with the
age of 40
years old.
BUSINESS OPERATIONS
The subject is engaged
in importing and
distributing various kinds
of diamonds for
jewelry industry.
IMPORT [COUNTRIES]
100% of the products
is imported from
India, Hong Kong,
Belgium and South
Africa.
MAJOR SUPPLIER
Padmavati Gems Ltd. :
SALES [LOCAL]
The products are
sold by wholesale
to traders and
jewelry manufactures in
Thailand.
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 on
negotiated term.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 4 staff.
LOCATION DETAILS
The premise is rented for administrative office at the heading address. Premise is located in a prime commercial area.
COMMENT
Consumption of diamonds
from jewelry industry
remains strong not
for local consumer,
but exports. The
subject’s business has
steadily grown despite
decline domestic consumption
due to jewelry
producers for export
markets still has
strong potential.
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 May 8,
1996
Bht. 6,000,000
on November 3,
2004
The latest
registered capital was increased
to Bht. 6,000,000 divided
into 60,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
November 2,
2004]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Vipul Kumar Navin Chandra Shah Nationality : Indian Address : |
14,000 |
23.33 |
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Mr. Jirich Vahalchand Shah Nationality : Indian Address : |
11,000 |
18.33 |
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Ms. Pakpichapat Prommin Nationality : Thai Address : |
8,040 |
13.40 |
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Ms. Sopa Boonpok Nationality : Thai Address : |
8,000 |
13.33 |
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Mrs. Chongnang Saleeviang Nationality : Thai Address : 37/4
Moo 10, Bangklong,
Muang, |
8,000 |
13.33 |
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Mr. Kampol Muangnil Nationality : Thai Address : 109/155
Moo 4, Dokkhamtai, Maesai,
|
6,200 |
10.33 |
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Mr. Pankaj Vahalchand Chhatrani Nationality : Indian Address : |
4,760 |
7.95 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mrs. Suchada Narkyoi
No. 6918
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
|
180,138.60 |
69,439.17 |
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Trade Accounts Receivable |
5,991,102.23 |
9,452,047.19 |
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Inventories |
6,894,231.90 |
4,889,546.10 |
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Total Current
Assets |
13,065,472.73 |
14,411,032.46 |
|
Fixed Assets |
40,646.16 |
17,356.38 |
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Total Assets
|
13,106,118.89 |
14,428,388.84 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
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|
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Trade Accounts Payable |
5,459,694.61 |
6,727,950.29 |
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Other Current Liabilities |
183,878.09 |
357,696.23 |
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Total Current
Liabilities |
5,643,572.70 |
7,085,646.52 |
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Total Liabilities |
5,643,572.70 |
7,085,646.52 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 60,000 shares |
6,000,000.00 |
6,000,000.00 |
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Capital Paid |
6,000,000.00 |
6,000,000.00 |
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Retained Earning -
Unappropriated |
1,462,546.19 |
1,342,742.32 |
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Total
Shareholders' Equity |
7,462,546.19 |
7,342,742.32 |
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Total
Liabilities & Shareholders' Equity |
13,106,118.89 |
14,428,388.84 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
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Sales |
33,141,034.71 |
31,214,819.02 |
|
Other Income |
267,276.45 |
175,764.10 |
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Total Revenues
|
33,408,311.16 |
31,390,583.12 |
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Expenses |
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Cost of Goods
Sold |
29,788,304.65 |
28,597,216.24 |
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Selling & Administrative Expenses |
3,288,103.75 |
2,059,078.23 |
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Total Expenses |
33,076,408.40 |
30,656,294.47 |
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Profit / [Loss] before Income Tax |
331,902.76 |
734,288.65 |
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Income Tax |
[212,098.89] |
[221,191.97] |
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Net Profit / [Loss] |
119,803.87 |
513,096.68 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
6.17 |
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Operating Profit |
[57.43] |
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Net Profit |
[76.65] |
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Fixed Assets |
134.19 |
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Total Assets |
[9.16] |
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Profitability |
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Cost of Good
Sold |
89.88 |
91.61 |
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Operating Profit Margin |
1.00 |
2.35 |
|
S & A
Expenses |
9.92 |
6.60 |
|
Other Revenues |
0.81 |
0.56 |
|
Net Profit Margin |
0.36 |
1.64 |
|
Earning Per Shares |
2.00 |
8.55 |
|
No. of Shares |
60,000 |
60,000 |
Net Sales was increased by 6.17%, Operating Profit was decreased by 57.43%, Net Profit was decreased by 76.65%, Fixed Assets was increased by 134.19%, Total Assets was decreased by 9.16%,
Compare each cost
with sales, Cost of
Good Sold was
decreased from 91.61%
to 89.88%, Operating
Profit Margin was
decreased from 2.35%
to 1.00%, S
& A Expenses
was increased from
6.60% to 9.92%,
Other Revenues was
increased from 0.56%
to 0.81%, Net
Profit Margin was
decreased from 1.64%
to 0.36%,
Earning Per Shares
was decreased from
8.55 baht per
share to 2.00
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
2.32 |
2.03 |
|
Quick-Assets Ratio |
1.09 |
1.34 |
Current Ratio was
increased from 2.03
to 2.32, show
Current Assets can cover Current
Liabilities, Liquidity Ratio
of the company
was good, Quick-Assets
Ratio was decreased
from 1.34 to
1.09, 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 |
0.76 |
0.96 |
D/E Ratio was
decreased from 0.96
to 0.76, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
815.35 |
1,798.46 |
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Total Assets Turnover |
2.53 |
2.16 |
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Return on Assets |
0.91 |
3.56 |
|
Return on Equity |
1.61 |
6.99 |
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Day's Payable |
59.31 |
77.59 |
|
Day’s Inventories |
74.89 |
56.39 |
|
Day’s Receivables |
65.08 |
109.01 |
Fixed Assets Turnover
was decreased from
1,798.46 times to
815.35 times, Total
Assets Turnover was increased from
2.16 times to
2.53 times, show
the company could
use Assets so
efficiently, Return on
Assets was decreased
from 3.56 to
0.91, Return on
Equity was decreased
from 6.99 to
1.61, capacity to
use Assets to make profit
was good,
Day's Payable was
decreased from 78
days to 60
days, while Day’s
Inventories was increased
from 57 days
to 75 days,
but Day’s Receivables
was decreased from
110 days to
66 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 |
|
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%)