MIRA
INFORM REPORT
|
Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
DECENT DIAM CO., LTD. |
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Registered Office : |
Room 6, 11th Floor, Bangkok Gems & Jewellery Building, 322/17
Surawong Road, Siphya, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
31.07. 1996 |
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Com. Reg. No.: |
0105539084381 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of
Diamonds and 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 of the company
DECENT DIAM CO., LTD.
SUMMARY
BUSINESS
ADDRESS : ROOM
6, 11th FLOOR,
BANGKOK GEMS &
JEWELLERY
BUILDING, 322/17
SURAWONG ROAD, SIPHYA,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2631-5965
FAX : [66] 2631-5965
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1996
REGISTRATION NO. : 0105539084381
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. HARDIG DUPENDRA SHAH, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : DIAMONDS AND GEMSTONES
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on July 31,
1996 as a
private limited company
under the name
style DECENT DIAM
CO., LTD., by
Thai and Indian
groups, with the
business objective to
import and distribute
diamonds and gemstone
to domestic market.
It currently employs
3 staff.
The
subject’s registered address
is 322/17 Surawong
Rd., Siphya, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Hardig Dupendra Shah |
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Indian |
23 |
|
Mr. Sambhav Rohit Shah |
|
Indian |
24 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Hardig Dupendra
Shah is the Managing Director.
He is Indian nationality with
the age of
23 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
styles of diamonds
and gemstones for
jewelry industry.
IMPORT
Most
of the products are imported
from India.
SALES
The products are
sold locally by
wholesale to traders,
manufacturers and end-users.
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 term
of 30-60 days.
Imports are by T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 3
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a prime
commercial area.
COMMENT
The
subject was formed
in 1996 as an
importer and distributor
of diamond and
gemstones. Sales of
the products are
likely slow from
decline consumption and
purchasing power. However,
subject posted its revenue
in 2006 higher
than the previous
year around 4.23
million baht. Slow
consumption in domestic
market has seen
for several months, this would affect
subject’s revenue and profit
this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht. 100 each.
On
October 10, 2002,
the 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 9,
2007]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Shah Dupendra
Shah Nationality: Indian Address : 297 Surawong Rd., Suriyawongse, Bangrak, Bangkok |
9,800 |
24.50 |
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Mr. Mihir Ramesh
Chandra Nationality: Indian Address : 297 Surawong Rd., Suriyawongse, Bangrak, Bangkok |
9,800 |
24.50 |
|
Ms.
Orachorn Mahamad Nationality: Thai Address : 113
Moo 5, Napho,
Sawee, Chumporn |
6,300 |
15.75 |
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Mrs.
Saisamorn Naowakaew Nationality: Thai Address : 42
Moo 4, Pattanakarn Rd., Suanluang, Bangkok |
4,500 |
11.25 |
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Ms.
Saowanee Seetabur Nationality: Thai Address : 77/3 Thanon Nakornchaisri,
Dusit, Bangkok |
3,200 |
8.00 |
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Ms. Sunetta Yuanyee Nationality: Thai Address : 4/41
Utasahakam Rd., Sateng,
Muang, Yala |
3,200 |
8.00 |
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Mr. Somsak Naowakaew Nationality: Thai Address : 47
Moo 14, Pattanakarn Rd., Suanluang, Bangkok |
3,200 |
8.00 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Jate Suppatranam No.
1382
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
|
151,893.65 |
127,507.30 |
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Trade Accts. Receivable |
1,200,795.85 |
1,024,636.19 |
|
Inventories |
615,256.20 |
469,488.33 |
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Deferred Interest |
- |
6,834.00 |
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Other Current Assets
|
28,737.32 |
69,981.95 |
|
Total Current
Assets |
1,996,683.02 |
1,698,447.77 |
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Fixed Assets |
19,975.07 |
25,517.81 |
|
Guarantee |
4,607.47 |
4,607.47 |
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Other Assets |
14,100.00 |
14,100.00 |
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Total Assets |
2,035,365.56 |
1,742,673.05 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Trade Accts. Payable |
368,762.18 |
- |
|
Other Current Liabilities |
18,341.34 |
18,241.02 |
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Total Current
Liabilities |
387,103.52 |
18,241.02 |
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Total Liabilities |
387,103.52 |
18,241.02 |
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Shareholders'
Equity |
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
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Capital Paid |
4,000,000.00 |
4,000,000.00 |
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Retained Earning -
Unappropriated |
[2,351,737.96] |
[2,275,567.97] |
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Total
Shareholders' Equity |
1,648,262.04 |
1,724,432.03 |
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Total
Liabilities & Shareholders' Equity |
2,035,365.56 |
1,742,673.05 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales Income |
6,814,970.51 |
2,885,880.95 |
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Gain on Exchange Rate |
302,657.84 |
- |
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Total Revenues
|
7,117,628.35 |
2,885,880.95 |
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Expenses |
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Cost of Goods
Sold |
6,306,287.87 |
2,419,118.43 |
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Selling and Administrative |
869,761.13 |
869,109.29 |
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Total Expenses |
7,176,049.00 |
3,288,227.72 |
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Profit / [Loss] Before Income Tax |
[58,420.65] |
[501,346.77] |
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Income Tax |
[17,749.34] |
[7,854.72] |
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Net Profit / [Loss] |
[76,169.99] |
[509,201.49] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
136.15 |
|
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Operating Profit |
[93.85] |
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Net Profit |
85.04 |
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Fixed Assets |
[21.72] |
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Total Assets |
16.80 |
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Profitability |
|
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Cost of Good
Sold |
92.54 |
83.83 |
|
Operating Profit Margin |
[0.86] |
[13.94] |
|
S & A
Expenses |
12.76 |
30.12 |
|
Other Revenues |
4.44 |
0.00 |
|
Net Profit Margin |
[1.12] |
[17.64] |
|
Earning Per Shares |
[1.90] |
[12.73] |
|
No. of Shares |
40,000 |
40,000 |
Net Sales was
increased by 136.15%,
Operating Profit was
decreased by 93.85%,
Net Profit was
increased by 85.04%,
Fixed Assets was
decreased by 21.72%,
Total Assets was
increased by 16.80%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 83.83%
to 92.54%, Operating
Profit Margin was
increased from -13.94%
to -0.86%, S
& A Expenses
was decreased from
30.12% to 12.76%,
Other Revenues was
increased from 0.00%
to 4.44%, Net
Profit Margin was
increased from -17.64%
to -1.12%.
Earning Per Shares
was increased from
-12.73 baht per
share to -1.90
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
5.16 |
93.11 |
|
Quick-Assets Ratio |
3.49 |
63.16 |
Current Ratio was
decreased from 93.11
to 5.16, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was good,
Quick-Assets Ratio was
decreased from 63.16
to 3.49, 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 |
0.23 |
0.01 |
D/E Ratio was
increased from 0.01
to 0.23, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
341.17 |
113.09 |
|
Total Assets Turnover |
3.35 |
1.66 |
|
Return on Assets |
[3.74] |
[29.22] |
|
Return on Equity |
[4.62] |
[29.53] |
|
Day's Payable |
19.48 |
0.00 |
|
Day’s Inventories |
32.50 |
58.57 |
|
Day’s Receivables |
63.43 |
127.82 |
Fixed Assets Turnover
was increased from
113.09 times to
341.17 times, Total
Assets Turnover was
increased from 1.66
times to 3.35
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-29.22 to -3.74,
Return on Equity
was increased from
-29.53 to -4.62,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
increased from 0
days to 20
days, while Day’s
Inventories was decreased
from 59 days
to 33 days, and Day’s
Receivables was decreased
from 128 days
to 64 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.00 |
|
UK Pound |
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.65.09 |
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%)