MIRA
INFORM REPORT
|
Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GLORIOUS DIAMONDS CO., LTD. |
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Registered Office : |
23rd Floor,
Jewelery Trade Center
Building, 919/302 Silom Road,
Silom, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
0105542095495 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in importing
and distributing wide
range of diamonds
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 : |
No Complaints |
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Litigation : |
Clear |
name
GLORIOUS DIAMONDS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 23rd FLOOR,
JEWELERY TRADE CENTER
BUILDING,
919/302 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2630-2728
FAX : [66] 2630-2729
E-MAIL ADDRESS : gloriousbkk@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO.
: 0105542095495
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. MANGI LAL JAIN, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 3
LINES OF
BUSINESS : DIAMONDS AND JEWELRY PRODUCTS
IMPORTER AND
DISTRIBUTOR
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 December 13,
1999 as a
private limited company under the name style
GLORIOUS DIAMONDS CO.,
LTD., by Thai
and Indian groups, to
engage in diamonds
and jewelry trading
business. It currently
employs 3 staff.
The
subject’s registered address
is 919/302 Silom
Rd., Silom, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr. Mangi Lal Jain |
|
Indian |
33 |
|
Mrs. Rekha Mangilal Jain |
|
Indian |
31 |
AUTHORIZED PERSON
Any of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Mangi Lal
Jain is the Managing Director.
He is Indian nationality with
the age of
33 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of diamonds
and jewelry products.
IMPORT
100%
of diamond is
imported from India
and Africa.
SALES
100% of the
jewelry products are
sold locally by
wholesale to traders.
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.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 3
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 is doing
moderate business, however
economic slowdown has
declined local consumption, as well as
export markets also
has slow growth.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into 20,000
shares of Bht.
100 each.
On
December 3, 2002,
the capital was
increased to Bht. 20,000,000 divided into 200,000
shares of Bht.
100 each.
On
May 18, 2004,
the capital was
decreased to Bht.
5,000,000 divided into
50,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Mangi Lal
Jain Nationality: Indian Address : 322
Surawong Rd., Suriyawongse, Bangrak, Bangkok |
14,000 |
28.00 |
|
Mrs.
Natthita Phansiri Nationality: Thai Address : 154
Moo 6, Samrongnua, Muang, Samutprakarn |
6,375 |
12.75 |
|
Mr. Somyos Tamoputhasiri Nationality: Thai Address : 8-9
Moo 6, Yangtone,
Nongmuang, Samutprakarn |
6,375 |
12.75 |
|
Mr.
Thongthip Thipthai Nationality: Thai Address : 194/3
Moo 6, Rangsit-Pathumthani Rd.,
Bangpoon, Muang, Pathumthani |
6,375 |
12.75 |
|
Ms. Buakham Chinpala Nationality: Thai Address : 129
Charoenkrung Rd., Suriyawongse,
Bangrak, Bangkok |
6,375 |
12.75 |
|
Ms.
Reemanshi Mangilal Jain Nationality: Indian Address : 322
Surawong Rd., Suriyawongse, Bangrak, Bangkok |
5,500 |
11.00 |
|
Mrs. Rekha Mangilal
Jain Nationality: Indian Address : 322
Surawong Rd., Suriyawongse, Bangrak, Bangkok |
5,000 |
10.00 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Thanin Wuthinankul No.
7350
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
686,387.60 |
406,450.00 |
|
Trade Accts. Receivable |
5,517,133.76 |
7,365,328.70 |
|
Inventories |
6,278,364.75 |
4,830,413.83 |
|
Other Current Assets
|
966,368.04 |
958,049.87 |
|
Total Current
Assets |
13,448,254.15 |
13,560,242.40 |
|
|
|
|
|
Fixed Assets |
50,707.99 |
12,020.02 |
|
Total Assets |
13,498,962.14 |
13,572,262.42 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. & Notes Payable |
6,804,852.40 |
7,300,416.50 |
|
Short Term Loan
from Related Person |
2,250,000.00 |
1,480,000.00 |
|
Other Current Liabilities |
43,479.77 |
476,730.84 |
|
Total Current
Liabilities |
9,098,332.17 |
9,257,147.34 |
|
Total Liabilities |
9,098,332.17 |
9,257,147.34 |
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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 |
[599,370.03] |
[684,884.92] |
|
Total
Shareholders' Equity |
4,400,629.97 |
4,315,115.08 |
|
Total
Liabilities & Shareholders' Equity |
13,498,962.14 |
13,572,262.42 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
15,915,644.62 |
12,954,164.79 |
|
Other Income |
- |
123,066.98 |
|
Total Revenues
|
15,915,644.62 |
13,077,231.77 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
14,895,157.83 |
11,771,762.95 |
|
Selling & Administrative Expenses |
919,332.73 |
1,248,250.36 |
|
Total Expenses |
15,814,490.56 |
13,020,013.31 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
101,154.06 |
57,218.46 |
|
Interest Expenses |
- |
[1.12] |
|
Income Tax |
[15,639.17] |
[10,368.60] |
|
Net Profit / [Loss] |
85,514.89 |
46,848.74 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
22.86 |
|
|
Operating Profit |
43.89 |
|
|
Net Profit |
82.53 |
|
|
Fixed Assets |
321.86 |
|
|
Total Assets |
[0.54] |
|
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Profitability |
|
|
|
Cost of Good
Sold |
93.59 |
90.87 |
|
Operating Profit Margin |
0.64 |
0.44 |
|
S & A
Expenses |
5.78 |
9.64 |
|
Interest Paid |
0.00 |
0.00 |
|
Other Revenues |
0.00 |
0.95 |
|
Net Profit Margin |
0.54 |
0.36 |
|
Earning Per Shares |
1.71 |
0.94 |
|
No. of Shares |
50,000 |
50,000 |
Net Sales was
increased by 22.86%,
Operating Profit was
increased by 43.89%,
Net Profit was
increased by 82.53%,
Fixed Assets was increased by
321.86%, Total Assets
was decreased by
0.54%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 90.87%
to 93.59%, Operating
Profit Margin was
increased from 0.44%
to 0.64%, S
& A Expenses
was decreased from
9.64% to 5.78%,
Interest Paid was decreased
from 0.00% to
0.00%, Other Revenues
was decreased from
0.95% to 0.00%,
Net Profit Margin
was increased from
0.36% to 0.54%.
Earning Per Shares
was increased from
0.94 baht per
share to 1.71
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.48 |
1.46 |
|
Quick-Assets Ratio |
0.68 |
0.84 |
Current Ratio was increased from
1.46 to 1.48,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
Quick-Assets Ratio was
decreased from 0.84
to 0.68, capacity
to pay Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
2.07 |
2.15 |
|
Times Interest Earned |
0.00 |
51,087.91 |
D/E Ratio was
decreased from 2.15
to 2.07, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
51,087.91 to 0.00,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
313.87 |
1,077.72 |
|
Total Assets Turnover |
1.18 |
0.95 |
|
Return on Assets |
0.63 |
0.35 |
|
Return on Equity |
1.94 |
1.09 |
|
Day's Payable |
153.92 |
202.88 |
|
Day’s Inventories |
142.01 |
134.24 |
|
Day’s Receivables |
124.79 |
204.68 |
Fixed Assets Turnover
was decreased from
1,077.72 times to
313.87 times, Total
Assets Turnover was increased from
0.95 times to
1.18 times, show
the company could
use Assets so
efficiently, Return on
Assets was increased
from 0.35 to
0.63, Return on
Equity was increased
from 1.09 to
1.94, capacity to
use Assets to make profit
was good.
Day's Payable was
decreased from 203
days to 154
days, while Day’s
Inventories was increased
from 135 days
to 143 days, but Day’s
Receivables was decreased
from 205 days
to 125 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. |
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%)