MIRA
INFORM REPORT
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Report Date : |
10.10.2007 |
IDENTIFICATION DETAILS
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Name : |
PANKIT IMPEX CO., LTD. |
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Registered Office : |
11th Floor,
Bangkok Gems &
Jewelry Building, 322/14 Surawong
Road, Siphaya Bangrak, Bangkok
10500 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1997
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Com. Reg. No.: |
0105540058975 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Engaged in importing,
distributing and exporting
of diamonds, precious
stones and jewelry
products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name
PANKIT IMPEX CO., LTD.
SUMMARY
BUSINESS ADDRESS : 11th FLOOR,
BUILDING,
BANGRAK,
TELEPHONE : [66] 2631-7494-6
FAX : [66] 2631-7497
EMAIL-ADDRESS : amitvaishu@hotmail.com.
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1997
REGISTRATION NO. : 0105540058975 [Former :
855/2540]
CAPITAL
REGISTERED : BHT.
8,000,000
CAPITAL
PAID-UP : BHT.
6,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
AMIT RASIKLAL GANDHI,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 6
LINES OF
BUSINESS : DIAMONDS AND
JEWELRY PRODUCTS
IMPORTER, DISTRIBUTOR
& EXPORTER
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
24, 1997 as
a private limited
company under the
name style PANKIT
IMPEX CO., LTD.,
by Indian and
Thai groups, in order
to import and distribute
diamond to local market.
It currently employs
6 staff.
The
subject’s registered address was
initially located at Room
201 2nd Floor,
T.D., Building, 14-16
Mahesak Rd., Suriyawongse,
Bangrak, Bangkok 10500.
On
January 16, 2006,
the subject’s registered
address was relocated
to 322/14 Surawong
Rd., Siphaya, 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. Amit Rasiklal
Gandhi |
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Indian |
33 |
|
Mr. Nirav Rasiklal
Gandhi |
|
Indian |
32 |
|
Mr. Alihusain Kalungu Peer
Mohamed |
|
Indian |
23 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Amit Rasiklal
Gandhi is the
Managing Director.
He is Indian
nationality with the
age of 33
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
of diamonds, precious
stones and jewelry
products.
PURCHASE
Its products are
purchased from suppliers
and agents both
domestic and overseas
in India.
MAJOR SUPPLIERS
- Kohinoor International Ltd. :
- Silver Shine Co., Ltd. :
- M/S B. Vijay
Kumar & Co. :
- M/S Classic Diamonds
Ltd. :
SALES [LOCAL]
40% of the
products is sold
locally to wholesalers.
EXPORT
60% of the
products is exported
to United Kingdom.
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.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
CREDIT
Sales are on
the credit term
of 30 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C on negotiated
term and T/T.
Exports are against
L/C on negotiated term
and T/T.
BUSINESS TRANSACTION
The products are
sold and purchased
both by cash and
credit with the maximum credit given at
30-60 days. The subject is found to have late payment from
some customers, but they can
negotiate.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office :
EMPLOYMENT
The subject employs
6 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial
area.
COMMENT
Local diamond and jewelry business has grown steadily due to economic
recovering and increase of domestic consumption. Jewelry products especially diamond is very
popular among middle to high income earners as they feel that the jewelry is
one among valuable assets beside property and gold. The
subject’s operating performance
in 2006 was
satisfactory with a high
increase in its
sales revenue and
net profit comparing
to the previous
year. Generally, the subject
enjoys a stable
growth.
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
follows:
Bht. 6,000,000
on June 28,
2005
Bht. 8,000,000 on August 28, 2007
The latest registered
capital was increased
to Bht. 8,000,000 divided
into 80,000 shares of
Bht. 100 each.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2007] at Bht.
6,000,000 of
capitalization.
|
NAME |
HOLDING |
% |
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Mr. Amit
Rasiklal Gandhi Nationality: Indian Address : |
15,000 |
25.00 |
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Mr. Savate
Chaisong Nationality: Thai Address :
Dindaeng, |
10,000 |
16.67 |
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Mr. Netiwuth
Chalanukroh Nationality: Thai Address : |
10,000 |
16.67 |
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Mr. Suwat
Wongsomcheen Nationality: Thai Address : |
10,000 |
16.66 |
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Mr. Niraf
Rasiklal Gandhi Nationality: Indian Address : |
7,200 |
12.00 |
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Mr. Shreeyan
P. Metta Nationality: Indian Address : |
7,200 |
12.00 |
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Mr. Kampol
Kulviset Nationality: Thai Address : 70/89
Moo 10, Bangmod, Jomthong, |
600 |
1.00 |
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, 2006 & 2005
were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
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Cash in hand
& at Bank
|
164,474.56 |
40,388.86 |
|
Trade Accts. & Notes
Receivable |
35,735,609.43 |
14,961,380.07 |
|
Inventories |
26,564,601.72 |
22,315,170.31 |
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Other Current Assets
|
3,354,172.21 |
47,112.11 |
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Total Current
Assets |
65,818,857.91 |
37,364,051.35 |
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Fixed Assets |
286,899.42 |
171,649.31 |
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Total Assets
|
66,105,757.33 |
37,535,700.66 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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|
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Trade Accts. & Notes
Payable |
26,240,714.37 |
23,615,974.64 |
|
Other Current Liabilities |
243,920.85 |
152,880.91 |
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Total Current
Liabilities |
26,484,635.22 |
23,768,855.55 |
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Payable Loan Directors |
33,400,000.00 |
8,000,000.00 |
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Total Liabilities |
59,884,635.22 |
31,768,855.55 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 40,000 shares |
6,000,000.00 |
6,000,000.00 |
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Capital Paid |
6,000,000.00 |
6,000,000.00 |
|
Retained Earning -
Unappropriated |
221,122.11 |
[233,154.89] |
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Total
Shareholders' Equity |
6,221,122.11 |
5,766,845.11 |
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Total
Liabilities & Shareholders' Equity |
66,105,757.33 |
37,535,700.66 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales-Local |
26,413,971.45 |
9,998,506.00 |
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Sales Export |
7,933,883.66 |
9,006,352.33 |
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Other Income |
989,058.77 |
131,919.52 |
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Total Revenues
|
35,336,913.88 |
19,136,777.85 |
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Expenses |
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Cost of Goods
Sold |
31,868,374.30 |
16,637,366.51 |
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Selling & Administrative Expenses |
2,802,047.98 |
2,095,243.12 |
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Total Expenses |
34,670,422.28 |
18,732,609.63 |
|
Profit / [Loss] Before Income
Tax |
666,491.60 |
404,168.22 |
|
Income Tax |
[212,214.59] |
[126,068.05] |
|
Net Profit / [Loss] |
454,277.01 |
278,100.17 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
80.73 |
|
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Operating Profit |
[8.76] |
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Net Profit |
63.35 |
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Fixed Assets |
67.14 |
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Total Assets |
76.11 |
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Profitability |
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Cost of Good
Sold |
92.78 |
87.54 |
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Operating Profit Margin |
1.94 |
2.13 |
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S & A
Expenses |
8.16 |
11.02 |
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Other Revenues |
2.88 |
0.69 |
|
Net Profit Margin |
1.32 |
1.46 |
|
Earning Per Shares |
11.36 |
6.95 |
|
No. of Shares |
40,000 |
40,000 |
Net Sales was
increased by 80.73%,
Operating Profit was
decreased by 8.76%,
Net Profit was
increased by 63.35%,
Fixed Assets was
increased by 67.14%,
Total Assets was
increased by 76.11%.
Compare each cost
with sales, Cost of Good
Sold was increased
from 87.54% to
92.78%, Operating Profit
Margin was decreased
from 2.13% to
1.94%, S &
A Expenses was
decreased from 11.02%
to 8.16%, Other
Revenues was increased
from 0.69% to
2.88%, Net Profit
Margin was decreased
from 1.46% to
1.32%.
Earning Per Shares
was increased from
6.95 baht per
share to 11.36
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.49 |
1.57 |
|
Quick-Assets Ratio |
1.36 |
0.63 |
Current Ratio was
increased from 1.57
to 2.49, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
so good, Quick-Assets
Ratio was increased
from 0.63 to
1.36, capacity to
pay Short Term
Loan was so
good too, because
Current Assets without
Inventory can cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
9.63 |
5.51 |
D/E Ratio was increased from
5.51 to 9.63,
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 |
119.72 |
110.72 |
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Total Assets Turnover |
0.52 |
0.51 |
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Return on Assets |
0.69 |
0.74 |
|
Return on Equity |
7.30 |
4.82 |
|
Day's Payable |
275.03 |
447.35 |
|
Day’s Inventories |
278.42 |
422.71 |
|
Day’s Receivables |
374.55 |
283.41 |
Fixed Assets Turnover was increased from 110.72 times to 119.72 times, Total Assets Turnover was increased from 0.51 times to 0.52 times, show the company could use Assets so efficiently, Return on Assets was decreased from 0.74 to 0.69, Return on Equity was increased from 4.82 to 7.30, capacity to use Assets to make profit was good.
Day's Payable was
decreased from 448
days to 276
days, and Day’s
Inventories was decreased
from 423 days
to 279 days,
while Day’s Receivables
was increased from
284 days to
375 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 |
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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 |
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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%)