MIRA
INFORM REPORT
|
Report Date : |
03.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BLUE
STAR DAIMOND CO.,
LTD. |
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Registered Office : |
Unit 1601-161, 12TH Floor, The Executive House, Surawong Road, Suriyawongse, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
18.07.1994 |
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Com. Reg. No.: |
0105537079312 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Jewelry |
RATING &
COMMENTS
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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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
BLUE
STAR DAIMOND CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : UNIT
1601-161, 12th FLOOR,
THE EXECUTIVE HOUSE,
410 SURAWONG ROAD,
SURIYAWONGSE,
BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2233-5000
EXT. 160
FAX : [66] 2233-5000
EXT. 161
E-MAIL
ADDRESS : bragashbamb@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION NO. : 0105537079312
[Former : 1791/2537]
CAPITAL REGISTERED : BHT. 15,000,000
CAPITAL PAID-UP : BHT. 15,000,000
FISCAL YEAR CLOSING DATE : JUNE
30
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. AJIT MEHTA, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : JEWELRY
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 July 8,
1994 as a
private limited company under the name style
BLUE STAR DIAMOND
CO., LTD., by
Thai groups, with the
business objective to
import and distribute
wide range of
jewelry products to
domestic market. It
currently employs 4
staff.
The subject’s registered address is
410 Surawong Rd.,
Suriyawongse, Bangrak, Bangkok
10500, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
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Mr. Ajit Mehta |
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Indian |
45 |
|
Mr. Fhitsalal Bamb |
|
Indian |
62 |
|
Mr. Naveen Jane |
|
Indian |
31 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Ajit Mehta
is the Managing Director.
He is Thai nationality with
the age of
45 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of semi-precious stones and diamond
jewelry products.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas, mainly in
India and South
Africa.
SALES
The products is
sold locally by
wholesale to dealers.
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 15-30 days.
Local bills are
paid by cash
or on the credits term
of 30 days.
Imports are by
T/T.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 4
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a prime
commercial area.
COMMENT
Domestic market of jewelry products
has currently been affected
from economic slowdown
and decline purchasing
power.
The
subject’s sales were
slightly increased in
2007 compared to
its sales in
2006.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 5,000,000 divided into
50,000 shares of
Bht. 100 each.
On
January 17, 2005, the
capital was increased
to Bht. 15,000,000 divided
into 150,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
: [as at October 17,
2005]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Ajit Mehta Nationality: Indian Address : India |
50,000 |
33.33 |
Mrs. Piyathida Manchanda
Nationality: Thai Address : 550/146 Asoke-Dindaeng Rd., Dindaeng,
Bangkok
|
25,500 |
17.00 |
Mr. Apinop Manchanda
Nationality: Thai Address : 550/146 Asoke-Dindaeng Rd., Dindaeng,
Bangkok |
25,500 |
17.00 |
|
Mr.
Ghisalal Bamb Nationality: Indian Address : Bombay,
India |
20,000 |
13.33 |
|
Mr. Udom Ratsamut Nationality: Thai Address : 52/72
Moo 13, Suanluang, Bangkok |
5,100 |
3.40 |
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Mr. Prawit Ngernyaem Nationality: Thai Address : 2350
New Petchburi Rd.,
Bangkapi, Bangkok |
5,100 |
3.40 |
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Mr. Wathana Chaowarith Nationality: Thai Address : 367
Moo 33, Rai-oy,
Muang, Ubonratchathani |
5,100 |
3.40 |
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Mr. Decha Hiran-uthok Nationality: Thai Address : 35
Moo 3, Krasiew,
Samchuk, Suphanburi |
5,100 |
3.40 |
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Mr. Nikom Sripengkaew Nationality: Thai Address : 3
Moo 8, Klongkrathung, Banglane, Nakornpathom |
5,100 |
3.40 |
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Mr. Navin Jane Nationality: Indian Address : 628
Charoennakorn 14 Rd., Klongsan,
Bangkok |
3,500 |
2.34 |
Total Shareholders : 10
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Suchart Srimanjantha No.
3549
BALANCE SHEET [BAHT]
The
latest financial figures
published for June
30, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
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Cash in hand
& at Bank
|
692,115.83 |
713,980.47 |
|
Trade Accts. Receivable |
2,927,322.85 |
4,413,251.99 |
|
Inventories |
12,191,393.64 |
6,493,765.58 |
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Total Current
Assets |
15,810,832.32 |
11,620,998.04 |
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|
|
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Other Assets |
10,875.00 |
10,875.00 |
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Total Assets |
15,821,707.32 |
11,631,873.04 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
|
|
Accrued Expenses |
79,819.63 |
68,046.55 |
|
Trade Accts. Payable |
6,981,927.55 |
2,894,140.91 |
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Total Current
Liabilities |
7,061,747.18 |
2,962,187.46 |
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Total Liabilities |
7,061,747.18 |
2,962,187.46 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 150,000 shares |
15,000,000.00 |
15,000,000.00 |
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Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning -
Unappropriated |
[6,240,039.86] |
[6,330,314.42] |
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Total
Shareholders' Equity |
8,759,960.14 |
8,669,685.58 |
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Total
Liabilities & Shareholders' Equity |
15,821,707.32 |
11,631,873.04 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
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Sales |
10,432,777.04 |
10,985,168.26 |
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Other Income |
1,227,616.50 |
466,758.16 |
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Total Revenues
|
11,660,393.54 |
11,451,926.42 |
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Expenses |
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Cost of Goods
Sold |
8,869,282.39 |
10,450,332.64 |
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Selling & Administrative Expenses |
2,637,804.47 |
2,242,747.87 |
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Total Expenses |
11,507,086.86 |
12,693,080.51 |
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Profit / [Loss] Before Income
Tax |
153,306.68 |
[1,241,154.09] |
|
Income Tax |
[63,032.12] |
[60,000.00] |
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Net Profit / [Loss] |
90,274.56 |
[1,301,154.09] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[5.03] |
|
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Operating Profit |
[113.01] |
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|
Net Profit |
106.94 |
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Total Assets |
36.02 |
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Profitability |
|
|
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Cost of Good
Sold |
85.01 |
95.13 |
|
Operating Profit Margin |
1.47 |
[11.30] |
|
S & A
Expenses |
25.28 |
20.42 |
|
Other Revenues |
11.77 |
4.25 |
|
Net Profit Margin |
0.87 |
[11.84] |
|
Earning Per Shares |
0.60 |
[8.67] |
|
No. of Shares |
150,000 |
150,000 |
Net Sales was
decreased by 5.03%,
Operating Profit was
decreased by 113.01%,
Net Profit was
increased by 106.94%,
Total Assets was
increased by 36.02%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 95.13%
to 85.01%, Operating
Profit Margin was
increased from -11.30% to
1.47%, S &
A Expenses was
increased from 20.42%
to 25.28%, Other
Revenues was increased
from 4.25% to
11.77%, Net Profit
Margin was increased
from -11.84% to
0.87%.
Earning Per Shares
was increased from
-8.67 baht per
share to 0.60
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
2.24 |
3.92 |
|
Quick-Assets Ratio |
0.51 |
1.73 |
Current Ratio was
decreased from 3.92
to 2.24, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.73 to 0.51,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
0.81 |
0.34 |
D/E Ratio was increased from
0.34 to 0.81,
show the company
had fund from
Equity more than
fund from Loan,
investment risked of
the company is
low.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Total Assets Turnover |
0.66 |
0.94 |
|
Return on Assets |
0.57 |
[11.19] |
|
Return on Equity |
1.03 |
[15.01] |
|
Day's Payable |
240.92 |
94.85 |
|
Day’s Inventories |
420.68 |
212.81 |
|
Day’s Receivables |
101.01 |
144.63 |
Total Assets Turnover
was decreased from
0.94 times to
0.66 times, show
the company could
not use Assets
so efficiently, Return
on Assets was
increased from -11.19
to 0.57, Return
on Equity was
increased from -15.01
to 1.03, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 95
days to 241
days, and Day’s
Inventories was increased
from 213 days
to 421 days, while Day’s
Receivables was decreased
from 145 days
to 102 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. |
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%)