MIRA
INFORM REPORT
|
Report Date : |
31.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
BAAN ANYAMANEE CO.,
LTD. |
|
|
|
|
Registered Office : |
Room 28C, 14th
Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
1993 |
|
|
|
|
Com. Reg. No.: |
0105536016287 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and distributor
various types of
cut diamonds, as
well as exporter
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name
BAAN ANYAMANEE CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : ROOM
28C, 14th FLOOR,
A.
BANGRAK,
TELEPHONE : [66] 2235-7125,
2235-0921
FAX : [66]
2631-4453
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1993
REGISTRATION NO. : 0105536016287 [Former : 1336/2536]
CAPITAL
REGISTERED : BHT. 12,000,000
CAPITAL
PAID-UP : BHT. 12,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SANJAY JAGDISHCHAND NAHETA,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 9
LINES OF
BUSINESS : DIAMONDS
AND JEWELRY PRODUCTS
IMPORTER, DISTRIBUTOR
& RE-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 February
11, 1993 as
a private limited
company under the
name style BAAN
ANYAMANEE CO., LTD.
by Indian and
Thai groups, in
order to be engaged
in diamond and
jewelry business. It
currently employs 9 staff.
The
subject’s registered address
is Room 28C,
14th Floor, Bangkok
Gem & Jewellery Tower,
322/28 Surawongse Road,
Siphya, Bangrak, Bangkok
10500, and this
is the company’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sanjay Jagdishchan
Naheta |
|
Indian |
40 |
|
Mr. Sanjay Nawalakha |
|
Indian |
36 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sanjay
Jagdishchan Naheta is
the Managing Director.
He is Indian
nationality with the
age of 40
years old.
Mr. Sanjay
Nawalakha is the
Marketing Manager.
He is Indian
nationality with the
age of 36
years old.
BUSINESS OPERATIONS
The subject’s activities
are importer and
distributor various types
of cut diamonds,
as well as
exporter of diamonds
and jewelry products.
The export’s products
have been designed and
manufactured by local
manufacture’s contractor.
IMPORT [COUNTRIES]
100% of the
products is imported
from
SALES
50% of jewelry products is
sold locally by
wholesale to dealers
and jewelry manufacturers.
EXPORT [COUNTRIES]
50% of jewelry
products is exported
to Hong Kong,
Malaysia and Singapore.
REVENUE
In 2006, the
subject’s revenue was
increased around 5-10%
from the previous
year.
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.
Local bills are
paid by cash
or on the
credits terms of
30-60 days.
Imports are by
L/C at sight
or T/T on
negotiated term.
Exports are against
L/C at sight or
T/T on negotiated
term.
BUSINESS TRANSACTION
The products are
sold by cash
and credit, with
the maximum credit
given at 30-60
days, while exports are against L/C
at sight or
T/T on negotiated
term. The subject has no problem
on its account
receivable and payable.
BANKING
Citibank N.A.
[
The Standard Chartered
Bank
[Bangkok Branch
: 90 Sathorn
Thani Building, North
Sathorn Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
9 office and
sales staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
Diamonds from
Market of diamond
jewelry remains healthy
from high end
consumers, while the
other segments like
medium to low
end were sluggish
due to decline
purchasing power caused
by economic uncertainty
and consumers delay
spending their money.
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. 7,00,000 on
December 9, 1999
Bht. 12,000,000 on
December 24, 2002
The latest registered
capital was increased
to Bht. 12,000,000
divided into 120,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 20,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sanjay
Jagdishchan Naheta Nationality : Indian Address : 173/5
Soi Putha-osoh, Siphya, Bangrak,
|
58,800 |
49.00 |
|
Mrs. Diyoh
Kuadma Nationality : Thai Address :
Bangkapi, |
13,600 |
11.32 |
|
Mr. Prasit
Kuadma Nationality : Thai Address :
Bangkapi, |
10,800 |
9.00 |
|
Ms. Wasana
Mallae Nationality : Thai Address : 11/1
Moo 3, Donkohka,
Bangnampreaw, |
9,200 |
7.67 |
|
Ms. Valai
Mung-in Nationality : Thai Address : 8
Moo 5, Singtothong, Bangnampreaw, |
9,200 |
7.67 |
|
Mr. Sompong
Pleesudjai Nationality : Thai Address :
Bangkapi, |
9,200 |
7.67 |
|
Ms. Vasana
Sahaman Nationality : Thai Address : 20 Moo
7, Singtothong, Bangnampreaw, |
9,200 |
7.67 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Valit Panpoonsap
No. 4018
BALANCE SHEET [BAHT]
The 2006, financial
statement has not
yet available during
this current investigation.
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
3,013,069.87 |
4,838,958.08 |
|
Trade Accts. Receivable |
4,653,390.99 |
13,487,114.84 |
|
Inventories |
21,632,882.95 |
30,129,714.32 |
|
Other Current Assets
|
919,103.48 |
799,120.84 |
|
Total Current
Assets |
30,218,447.29 |
49,254,908.08 |
|
|
|
|
|
Fixed Assets |
485,013.63 |
607,747.28 |
|
Other Assets |
43,500.00 |
43,500.00 |
|
Total Assets
|
30,746,960.92 |
49,906,155.36 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Loan from Financial Institution |
12,366,178.96 |
16,241,501.66 |
|
Trade Accts. Payable |
4,753,589.30 |
21,190,020.07 |
|
Accrued Income Tax |
245,538.27 |
114,832.34 |
|
Other Current Liabilities |
380,277.59 |
433,878.32 |
|
Total Current
Liabilities |
17,745,584.12 |
37,980,232.39 |
|
Total Liabilities |
17,745,584.12 |
37,980,232.39 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 120,000 shares |
12,000,000.00 |
12,000,000.00 |
|
Capital Paid |
12,000,000.00 |
12,000,000.00 |
|
Retained Earning -
Unappropriated |
1,001,376.80 |
[74,077.03] |
|
Total
Shareholders' Equity |
13,001,376.80 |
11,925,922.97 |
|
Total
Liabilities & Shareholders' Equity |
30,746,960.92 |
49,906,155.36 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
82,961,001.37 |
82,824,178.82 |
|
Other Income |
105.00 |
150.61 |
|
Total Revenues |
82,961,106.37 |
82,824,329.43 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
74,311,901.83 |
75,543,592.76 |
|
Selling & Administrative Expenses |
5,942,560.01 |
5,487,403.52 |
|
Total Expenses |
80,254,461.84 |
81,030,996.28 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
2,706,644.53 |
1,793,333.15 |
|
Interest Expenses |
[1,163,652.43] |
[815,793.28] |
|
Income Tax |
[467,538.27] |
[294,832.34] |
|
Net Profit / [Loss] |
1,075,453.83 |
682,707.53 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
0.17 |
|
|
Operating Profit |
50.68 |
|
|
Net Profit |
57.53 |
|
|
Fixed Assets |
[20.19] |
|
|
Total Assets |
[38.39] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
89.57 |
91.21 |
|
Operating Profit Margin |
3.26 |
2.17 |
|
S & A
Expenses |
7.16 |
6.63 |
|
Interest Paid |
1.40 |
0.98 |
|
Other Revenues |
0.00 |
0.00 |
|
Net Profit Margin |
1.30 |
0.82 |
|
Earning Per Shares |
8.96 |
5.69 |
|
No. of Shares |
120,000 |
120,000 |
Net Sales was
increased by 0.17%,
Operating Profit was
increased by 50.68%,
Net Profit was increased by
57.53%, Fixed Assets
was decreased by
20.19%, Total Assets
was decreased by
38.39%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 91.21%
to 89.57%, Operating
Profit Margin was increased from
2.17% to 3.26%,
S & A
Expenses was increased
from 6.63% to
7.16%, Interest Paid was
increased from 0.98%
to 1.40%, Other
Revenues was decreased
from 0.00% to
0.00%, Net Profit
Margin was increased
from 0.82% to
1.30%.
Earning Per Shares
was increased from
5.69 baht per
share to 8.96
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.70 |
1.30 |
|
Quick-Assets Ratio |
0.43 |
0.48 |
Current Ratio was
increased from 1.30
to 1.70, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
so good, Quick-Assets
Ratio was decreased
from 0.48 to
0.43, capacity to
pay Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
1.36 |
3.18 |
|
Times Interest Earned |
2.33 |
2.20 |
D/E Ratio was
decreased from 3.18
to 1.36, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
2.20 to 2.33,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
171.05 |
136.28 |
|
Total Assets Turnover |
2.70 |
1.66 |
|
Return on Assets |
3.50 |
1.37 |
|
Return on Equity |
8.27 |
5.72 |
|
Day's Payable |
20.63 |
92.10 |
|
Day’s Inventories |
93.87 |
130.96 |
|
Day’s Receivables |
20.19 |
58.62 |
Fixed Assets Turnover
was increased from
136.28 times to
171.05 times, Total
Assets Turnover was
increased from 1.66
times to 2.70
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
1.37 to 3.50,
Return on Equity
was increased from
5.72 to 8.27,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 93
days to 21
days, Day’s Inventories
was decreased from
131 days to
94 days, and
Day’s Receivables was
decreased from 59
days to 21
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%)