MIRA
INFORM REPORT
|
Report Date : |
26.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SUKIRU EXPORTS CO., LTD. |
|
|
|
|
Registered Office : |
Room
57B, 22ND Floor,
Bangkok Gems & Jewellery Tower, 322/57 Surawong
Road, Siphaya, Bangrak, Bangkok
10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
1995 |
|
|
|
|
Com. Reg. No.: |
0105538078751 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
International trading company,
by importing, distributing and re-exporting of
diamond. |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
name
SUKIRU EXPORTS CO., LTD.
SUMMARY
BUSINESS ADDRESS : ROOM
57B, 22nd FLOOR,
BANGKOK GEMS &
JEWELLERY TOWER,
322/57 SURAWONG ROAD,
SIPHAYA, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2681-7707, 2631-7737
FAX : [66] 2631-7787
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION NO.
: 0105538078751 [Former : 1587/ 2538]
CAPITAL
REGISTERED : BHT.
4,000,000
CAPITAL
PAID-UP : BHT.
4,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. KEYUR PRAVINKUMAR SHAH, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 7
LINES OF
BUSINESS : DIAMONDS
TRADING BUSINESS
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 July 4,
1995 as a
private limited company under the name style
SUKIRU EXPORTS CO.,
LTD., by Thai
and Indian groups,
in order to be
engaged in diamond
trading business. It
currently employs 7 staff.
The subject’s registered address was
initially located at
297 Surawong Rd.,
Suriyawongse, Bangrak, Bangkok
10500.
On
July 18, 2006,
it was relocated to 322/57
Bangkok Gems & Jewellery Tower,
Surawong Rd., Siphya,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Giriraj Manharsinh Jadeja |
|
Indian |
37 |
|
Mr. Keyur Pravinkumar Shah |
|
Indian |
34 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Keyur Pravinkumar Shah is
the Managing Director.
He is Indian nationality with
the age of
34 years old.
BUSINESS OPERATIONS
The subject is
an international trading
company, by importing,
distributing and re-exporting of diamond.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas, mainly in
India.
SALES
The products are
sold locally to
traders and manufacturers.
EXPORT
The products are
also re-exported to
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
according to IRICO’S
DATABASE 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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 7
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
a prime commercial
area.
COMMENT
Domestic consumption of
luxuries goods including
jewelry products especially
gold and diamond
is slowing down
from economic uncertainty, as well as
consumers is likely
to be cautiously spending money
on the back of economic
slowdown.
The
subject’s sales seem
to be on par with
last year’s level.
Growth in local
jewelry market remains
slow.
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 followed:
Bht. 3,000,000
on May 23,
2000
Bht. 4,000,000
on September 11,
2006
The
latest registered capital
was increased to
Bht. 4,000,000 divided into
40,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at
April 30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms.
Kantaporn Chuangchit Nationality: Thai Address : 120 Chan
Rd., Tungwatdon, Sathorn, Bangkok |
5,500 |
13.75 |
|
Mr. Suchart Chiamsakol Nationality: Thai Address : 63
Chan Rd., Tungwatdon, Sathorn, Bangkok |
5,500 |
13.75 |
|
Mr. Kiran Champaklal Bhansali Nationality: Indian Address : 279
Surawong Rd., Suriyawongse, Bangrak, Bangkok |
5,000 |
12.50 |
|
Mr. Keyur Pravinkumar Shah Nationality: Indian Address : 279
Surawong Rd., Suriyawongse, Bangrak, Bangkok |
5,000 |
12.50 |
|
Mr. Nithi Chiamsakol Nationality: Thai Address : 61/1
Chan Rd., Tungwatdon, Sathorn, Bangkok |
5,000 |
12.50 |
|
Mr. Giriraj Manharsinh Jadeja Nationality: Indian Address : 322/57
Surawong Rd., Siphya,
Bangrak, Bangkok |
4,900 |
12.25 |
|
Mr. Vipul Jayaitial
Jhah Nationality: Indian Address : 279
Surawong Rd., Suriyawongse, Bangrak, Bangkok |
4,700 |
11.75 |
|
Mr. Sommai Sathavorn Nationality: Thai Address : 65
Chan Rd., Tungwatdon, Sathorn, Bangkok |
4,400 |
11.00 |
Total Shareholders
8
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Supasangad Pemavipart
No. 2357
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
619,999.80 |
220,013.01 |
|
Trade Accts. Receivable |
4,137,307.66 |
4,102,567.85 |
|
Inventories |
38,112,025.39 |
21,011,074.30 |
|
Other Current Assets
|
106,717.10 |
98,309.65 |
|
Total Current
Assets |
42,976,049.95 |
25,431,964.81 |
|
|
|
|
|
Fixed Assets |
49,622.95 |
83,850.89 |
|
Other Assets |
4,500.00 |
47,700.00 |
|
Total Assets |
43,030,172.90 |
25,563,515.70 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
28,685,765.93 |
13,477,992.91 |
|
Other Current Liabilities |
328,467.05 |
217,879.97 |
|
Total Current
Liabilities |
29,014,232.98 |
13,695,872.88 |
|
Long Term Loan from
Person or Related Company |
6,800,000.00 |
7,200,000.00 |
|
Total Liabilities |
35,814,232.98 |
20,895,872.88 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 40,000 &
30,000 shares in 2006 & 2005 |
4,000,000.00 |
4,000,000.00 |
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning -
Unappropriated |
3,215,939.92 |
1,614,746.94 |
|
Total
Shareholders' Equity |
7,215,939.92 |
4,614,746.94 |
|
Total
Liabilities & Shareholders' Equity |
43,030,172.90 |
25,510,619.82 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales-Local |
28,604,026.88 |
32,144,038.76 |
|
Sales-Export |
6,187,683.11 |
5,119,056.09 |
|
Other Income |
2,534,298.11 |
- |
|
Total Revenues
|
37,326,008.10 |
37,263,094.85 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
32,400,028.44 |
34,421,025.31 |
|
Selling & Administrative Expenses |
2,994,774.46 |
2,555,335.00 |
|
Total Expenses |
35,394,802.90 |
36,976,360.31 |
|
Profit / [Loss] Before Income
Tax |
1,931,205.20 |
286,734.54 |
|
Income Tax |
[382,908.10] |
[118,728.56] |
|
Net Profit / [Loss] |
1,548,297.10 |
168,005.98 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[6.63] |
|
|
Operating Profit |
621.36 |
|
|
Net Profit |
821.57 |
|
|
Fixed Assets |
[40.82] |
|
|
Total Assets |
68.33 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
93.13 |
92.37 |
|
Operating Profit Margin |
5.55 |
0.77 |
|
S & A
Expenses |
8.61 |
6.86 |
|
Other Revenues |
7.28 |
0.00 |
|
Net Profit Margin |
4.45 |
0.45 |
|
Earning Per Shares |
38.71 |
5.60 |
|
No. of Shares |
40,000 |
30,000 |
Net Sales was decreased by 6.63%, Operating Profit was increased by 621.36%, Net Profit was increased by 821.57%, Fixed Assets was decreased by 40.82%, Total Assets was increased by 68.33%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 92.37%
to 93.13%, Operating
Profit Margin was
increased from 0.77%
to 5.55%, S
& A Expenses
was increased from
6.86% to 8.61%,
Other Revenues was
increased from 0.00%
to 7.28%, Net
Profit Margin was
increased from 0.45%
to 4.45%.
Earning Per Shares
was increased from
5.60 baht per
share to 38.71
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.48 |
1.86 |
|
Quick-Assets Ratio |
0.16 |
0.32 |
Current Ratio was
decreased from 1.86
to 1.48, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.32 to 0.16,
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 |
4.96 |
4.48 |
D/E Ratio was
increased from 4.48
to 4.96, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
701.12 |
444.40 |
|
Total Assets Turnover |
0.81 |
1.46 |
|
Return on Assets |
3.60 |
0.66 |
|
Return on Equity |
21.46 |
3.60 |
|
Day's Payable |
296.82 |
130.21 |
|
Day’s Inventories |
394.36 |
202.99 |
|
Day’s Receivables |
42.81 |
39.64 |
Fixed Assets Turnover
was increased from
444.40 times to
701.12 times, Total
Assets Turnover was
decreased from 1.46
times to 0.81
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was increased
from 0.66 to
3.60, Return on
Equity was increased
from 3.60 to
21.46, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 131
days to 297
days, Day’s Inventories
was increased from
203 days to
395 days, and
Day’s Receivables was
increased from 40
days to 43
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. |
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%)