MIRA
INFORM REPORT
|
Report Date : |
01.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDO SIAM EXPORTS LTD. |
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Registered Office : |
53/2 Srichan Road, T. Watmai,
A. Muang, ChantaburI 22000 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
07.05.1992 |
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Com. Reg. No.: |
0105535075212 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributor and Exporter of Gemstones |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 & address
INDO SIAM EXPORTS LTD.
SUMMARY
BUSINESS
ADDRESS : 53/2
SRICHAN ROAD, T.
WATMAI,
A. MUANG,
CHANTABURI 22000
TELEPHONE : [66] 39 346-553, 39 323-507
FAX : [66] 39
346-552
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION NO. : 0105535075212
[Former: 7520/2535]
CAPITAL REGISTERED : BHT. 11,000,000
CAPITAL PAID-UP : BHT. 11,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. MAHENDRA KUMAR
JAIN, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : GEMSTONES
DISTRIBUTOR AND
EXPORTER
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 May 7, 1992 as
a private limited
company under the name
style INDO SIAM
EXPORTS LTD., by Thai
and Indian groups, with the business objective
to distribute and
export various kinds
of Thai gems and
jewelry. It currently
employs 5 staff.
The
subject’s registered address
is 53/2 Srichan
Rd., T. Watmai, A. Muang,
Chantaburi 22000, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Mahendra Kumar Jain |
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Indian |
38 |
|
Mrs. Sonalee Jain |
|
Indian |
- |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Mahendra Kumar
Jain is the Managing Director.
He is Indian nationality with
the age of
38 years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing and exporting various
kinds of Thai
gemstones.
PURCHASE
100% of the
products is purchased
from local suppliers.
EXPORT
80% of the products is
exported to India,
Hong Kong, Indonesia,
and Republic of
China.
SALES
20% of the products is
sold locally by
wholesale to jewelry
manufacturers and 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 credit term
of 30 days.
Local bills are
paid by cash
or on the credit term
of 30 days.
Exports are against
L/C at sight or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 5
staff.
LOCATION DETAILS
The premise
is owned for
administrative office at
the heading address.
Premise is located
in provincial.
COMMENT
Chantaburi
province is one
of the biggest gemstones trading
market in Thailand,
where many traders
both Thai and
foreigner are selling
and buying loose
gemstones for local
jewelry manufactures and
exports, especially topaz,
zircon, ruby, blue
topaz and etc.
Subject
still maintained its
good business in
the previous year,
however slow consumption
would earn slow
sales revenue this
year.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
2,000,000 divided into
20,000 shares of
Bht. 100 each.
On
October 31, 2000,
the capital was
increased to Bht.
11,000,000 divided into 110,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr.
Mahendra Kumar Jain Nationality: Indian Address : Jaipur,
India |
53,700 |
48.82 |
|
Ms.
Nophawan Thanomrak Nationality: Thai Address : 600/57
Moo 3, Bangkaenua, Pasicharoen, Bangkok |
14,100 |
12.83 |
|
Mr. Naphat Tiewprateep Nationality: Thai Address : 295
Moo 4, Bangkhem,
Khaoyao, Petchburi |
14,000 |
12.73 |
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Mr. Suchart Pomnoi Nationality: Thai Address : 1/151
Moo 5, Nongbon,
Prawes, Bangkok |
14,000 |
12.73 |
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Ms. Malee Mornthong Nationality: Thai Address : 209/18
Charoennakorn Rd., Bukkalo,
Thonburi, Bangkok |
14,000 |
12.73 |
|
Mr. Niramal Kumar
Jain Nationality: Indian Address : Bombay,
India |
100 |
0.08 |
|
Mr. Kusum Niramal
Kumar Jain Nationality: Indian Address : Bombay,
India |
100 |
0.08 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Nithiwan Suchittarakul No.
5114
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
|
152,282.83 |
1,062,479.91 |
|
Trade Accts. Receivable |
5,792,917.25 |
6,493,679.86 |
|
Inventories |
2,629,903.97 |
4,474,873.38 |
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Other Current Assets
|
- |
6,420.00 |
|
Total Current
Assets |
8,575,104.05 |
12,037,453.15 |
|
|
|
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Fixed Assets |
3,400,679.45 |
- |
|
Other Assets |
362,708.17 |
362,708.17 |
|
Total Assets |
12,338,491.67 |
12,400,161.32 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
- |
3,119,455.57 |
|
Accrued Expenses |
49,100.00 |
38,420.00 |
|
Advanced Pre-receipt |
1,553,576.72 |
1,765,566.86 |
|
Current Portion of Long-term
Loans |
600,000.00 |
- |
|
Other Current Liabilities |
256,878.86 |
188,455.61 |
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Total Current
Liabilities |
2,459,555.58 |
5,111,898.04 |
|
Long-term Loans net
of Current Portion |
1,620,872.03 |
- |
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Total Liabilities |
4,080,427.61 |
5,111,898.04 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 110,000 shares |
11,000,000.00 |
11,000,000.00 |
|
Capital Paid |
11,000,000.00 |
11,000,000.00 |
|
Less : Share Capital-Receivable |
3,000,000.00 |
3,300,000.00 |
|
|
8,000,000.00 |
7,700,000.00 |
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Retained Earning -
Unappropriated |
258,064.06 |
[411,736.72] |
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Total
Shareholders' Equity |
8,258,064.06 |
7,288,263.28 |
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Total
Liabilities & Shareholders' Equity |
12,338,491.67 |
12,400,161.32 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales-Foreign |
11,020,500.32 |
5,400,660.18 |
|
Sales-Local |
6,599,560.97 |
2,602,215.32 |
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Profit/[Loss] from Exchange
Rate |
17,691.69 |
- |
|
Other Income |
37,670.66 |
10543.39 |
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Total Revenues
|
17,775,423.64 |
8,013,418.89 |
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Expenses |
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Cost of Goods
Sold |
13,848,938.44 |
6,080,886.69 |
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Selling & Administrative Expenses |
2,805,515.34 |
1,568,595.68 |
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Total Expenses |
16,654,453.78 |
7,649,482.37 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
1,120,969.86 |
363,936.52 |
|
Interest Expenses |
[220,872.03] |
- |
|
Income Tax |
[230,297.05] |
[190,868.58] |
|
Net Profit / [Loss] |
669,800.78 |
173,067.94 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
120.17 |
|
|
Operating Profit |
39.90 |
|
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Net Profit |
287.02 |
|
|
#DIV/0! |
#DIV/0! |
|
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Total Assets |
[0.50] |
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Profitability |
|
|
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Cost of Good
Sold |
78.60 |
75.98 |
|
Operating Profit Margin |
6.36 |
4.55 |
|
S & A
Expenses |
15.92 |
19.60 |
|
Interest Paid |
1.25 |
0.00 |
|
Other Revenues |
0.88 |
0.13 |
|
Net Profit Margin |
3.80 |
2.16 |
|
Earning Per Shares |
6.09 |
1.57 |
|
No. of Shares |
110,000 |
110,000 |
Net Sales was
increased by 120.17%,
Operating Profit was
increased by 39.90%,
Net Profit was
increased by 287.02%,
Total Assets was
decreased by 0.50%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 75.98%
to 78.60%, Operating
Profit Margin was
increased from 4.55%
to 6.36%, S
& A Expenses
was decreased from
19.60% to 15.92%,
Interest Paid was increased
from 0.00% to
1.25%, Other Revenues
was increased from
0.13% to 0.88%,
Net Profit Margin
was increased from
2.16% to 3.80%.
Earning Per Shares
was increased from
1.57 baht per
share to 6.09
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
3.49 |
2.35 |
|
Quick-Assets Ratio |
2.42 |
1.48 |
Current Ratio was
increased from 2.35
to 3.49, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.48 to 2.42,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.49 |
0.70 |
|
Times Interest Earned |
5.08 |
0.00 |
D/E Ratio was
decreased from 0.70
to 0.49, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low, Times
Interest Earned was
increased from 0.00
to 5.08, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
5.18 |
0.00 |
|
Total Assets Turnover |
1.43 |
0.65 |
|
Return on Assets |
5.43 |
1.40 |
|
Return on Equity |
8.11 |
2.37 |
|
Day's Payable |
0.00 |
140.33 |
|
Day’s Inventories |
53.73 |
201.30 |
|
Day’s Receivables |
118.36 |
292.11 |
Fixed Assets Turnover
was increased from
0.00 times to
5.18 times, Total
Assets Turnover was
increased from 0.65
times to 1.43
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
1.40 to 5.43,
Return on Equity
was increased from
2.37 to 8.11,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 141
days to 0
days, Day’s Inventories
was decreased from
202 days to
54 days, and
Day’s Receivables was
decreased from 293
days to 119
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.37 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.65.96 |
RATING
EXPLANATIONS
|
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 |
|
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%)