MIRA INFORM REPORT
|
Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
R.S. NAZARIAN [THAILAND] CO LTD |
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Registered Office : |
424, 426 Soi Chan 32, Thungwatdon, Sathorn, Bangkok 10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment : |
2004 |
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Com. Reg. No.: |
0105547132488 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer, Distributor and Exporter of Diamonds, Gemstones and Jewelry Products |
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
R.S. NAZARIAN
[THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 424,
426 SOI CHAN
32, THUNGWATDON,
SATHORN, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2675-9252-4
FAX : [66] 2233-1292-3
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
E-MAIL ADDRESS : rsnthai@yahoo.com
ESTABLISHED : 2004
REGISTRATION NO.
: 0105547132488
CAPITAL
REGISTERED : BHT.
6,000,000
CAPITAL
PAID-UP : BHT.
6,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
ROBERT SARKIS NAZARIAN
JR., AMERICAN
MANAGING DIRECTOR
NO. OF
STAFF : 10
LINES OF
BUSINESS : DIAMONDS, GEMSTONES AND JEWELRY
PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTER
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 September 28,
2004 as a
private limited company under the name style R.S.
NAZARIAN [THAILAND] CO.,
LTD., by American
and Thai groups,
with the business
objective to import
and distribute diamonds,
gemstones and jewelry
products to both
local and overseas
markets. It currently
employs approximately 10
staff.
The subject’s
registered address is
424, 426 Soi
Chan 32, Thungwatdon, Sathorn, Bangkok
10120, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Robert Sarkis
Nazarian Jr. |
[x] |
American |
44 |
|
Mr. Prasith Saelai |
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Thai |
32 |
|
Mr. Christopher Mangan |
|
American |
47 |
AUTHORIZED PERSON
The above
mentioned director [x]
can sign on
behalf of the subject
with company’s affixed.
In case of dealing
with the Revenue Department,
Commercial Registration Department
or any government departments,
Mr. Prasith Saelai can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Robert
Sarkis Nazarian Jr. is the
Managing Director.
He is American nationality with
the age of
44 years old.
BUSINESS OPERATIONS
The subject
is engaged in importing and
distributing diamonds and
gemstones to local
market, as well
as exporting jewelry
products to overseas
markets.
PURCHASE
Diamonds, gemstones and
jewelry products are
purchased from both
local and overseas
suppliers in India
and Pakistan.
SALES
80% of Thai jewelry products
is exported to
Hong Kong, Japan,
United States of
America and Europe, the
remaining 20% is
sold locally to
wholesalers 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
L/C at sight or T/T.
Exports are against T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 10
staff. [office and
sales staff]
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
REMARK
CREDIT OF
US$ 500,000 ON D/A TERM
SHOULD BE ON SECURED BASIS.
COMMENT
The
subject was formed
in 2004 as
an importer, distributor
and exporter of
diamonds gemstones and
jewelry products. Its sales
revenue in 2007
were reported slowdown
from the previous
year. Market stagnant
both domestic and international has resulted to
decline consumption of
luxuries products.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 6,000,000 divided into
60,000 shares of Bht. 100 each with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 16,
2008]
|
NAME |
HOLDING
|
% |
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Mr. Robert
Sarkis Nazarian Jr. Nationality: American Address : Room
625, 333 Washington Street, Boston,
Massachusetts 02108, U.S.A. |
59,994 |
99.99 |
|
Mr.
Christopher Mangan Nationality: American Address : 3
Harvard Place, Charles
Town,
Massachusetts 02129, U.S.A. |
1 |
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Mr. Wai
Ming Sen Nationality: American Address : 90A
Lexington Street,
Burlington
Massachusetts 01803, U.S.A. |
1 |
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Mr. Wai
Neng Sen Nationality: American Address : 8
Arlington, Meiden,
Massachusetts 02148, U.S.A. |
1 |
= 0.01 |
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Mr. Hao Sing
Mai Nationality: American Address : 333
Termont Street, Apartment A 202,
Massachusetts 02116 U.S.A. |
1 |
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Mr. Hacop
Stephan Stephanien Nationality: American Address : 10
Siteplace Street, Watertown,
Massachusetts 02472 U.S.A. |
1 |
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Mr. Prasith
Saelai Nationality: Thai Address : 1626/67
Chan Rd., Thungwatdon, Sathorn, Bangkok |
1 |
|
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Uraiwan Piyavarangkul No. 3423
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
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Cash in Hand
& at Bank |
133,784.94 |
189,798.01 |
|
Trade Accounts &
Notes Receivable |
3,127,308.30 |
7,309,979.21 |
|
Raw Material |
6,547,420.74 |
5,497,231.90 |
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Finished Goods |
469,916.73 |
322,192.54 |
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Other Current Assets |
251,156.59 |
217,041.49 |
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Total Current
Assets |
10,529,587.30 |
13,536,243.15 |
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Fixed Assets |
10,383,708.37 |
6,682,230.39 |
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Other Assets |
306,350.04 |
396,905.68 |
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Total Assets |
21,219,645.71 |
20,615,379.22 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
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|
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Trade Accounts Payable |
8,901,601.11 |
8,370,780.99 |
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Short-term Loan from Person or Related Company |
2,667,989.33 |
2,296,290.12 |
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Other Current Liabilities |
249,847.30 |
187,410.67 |
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Total Current
Liabilities |
11,819,437.74 |
10,854,481.78 |
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Long-term Loan |
3,800,673.36 |
4,500,000.00 |
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Total Liabilities |
15,620,111.10 |
15,354,481.78 |
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Shareholders'
Equity |
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Share capital : Baht 10 par value
Authorized &
issued share capital
60,000 shares |
6,000,000.00 |
6,000,000.00 |
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Capital Paid |
3,750,000.00 |
3,750,000.00 |
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Retained Earning –
Unappropriated [Deficit] |
1,849,534.61 |
1,510,897.44 |
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Total
Shareholders' Equity |
5,599,534.61 |
5,260,897.44 |
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Total Liabilities & Shareholders' Equity |
21,219,645.71 |
20,615,379.22 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
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Sales Income |
25,552,038.34 |
27,461,932.82 |
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Other Income |
262,961.24 |
242,527.26 |
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Total Revenues
|
25,814,999.58 |
27,704,460.08 |
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Expenses |
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Cost of Goods
Sold |
22,849,188.43 |
24,187,923.35 |
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Selling & Administrative Expenses |
2,563,950.88 |
2,466,133.25 |
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Total Expenses |
25,413,139.31 |
26,654,056.60 |
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Profit / [Loss] before Income Tax |
401,860.27 |
1,050,403.48 |
|
Income Tax |
[63,223.10] |
[165,761.50] |
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Net Profit / [Loss] |
338,637.17 |
884,641.98 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[6.95] |
|
|
Operating Profit |
[58.88] |
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|
Net Profit |
[61.72] |
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Fixed Assets |
55.39 |
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Total Assets |
2.93 |
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Profitability |
|
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Cost of Good
Sold |
89.42 |
88.08 |
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Operating Profit Margin |
1.57 |
3.82 |
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S & A
Expenses |
10.03 |
8.98 |
|
Other Revenues |
1.03 |
0.88 |
|
Net Profit Margin |
1.33 |
3.22 |
|
Earning Per Shares |
9.03 |
23.59 |
|
No. of Shares |
37,500 |
37,500 |
Net Sales was
decreased by 6.95%,
Operating Profit was
decreased by 58.88%,
Net Profit was
decreased by 61.72%,
Fixed Assets was increased by
55.39%, Total Assets
was increased by
2.93%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 88.08%
to 89.42%, Operating
Profit Margin was
decreased from 3.82%
to 1.57%, S
& A Expenses
was increased from
8.98% to 10.03%,
Other Revenues was
increased from 0.88%
to 1.03%, Net
Profit Margin was
decreased from 3.22%
to 1.33%.
Earning Per Shares
was decreased from
23.59 baht per
share to 9.03
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.89 |
1.25 |
|
Quick-Assets Ratio |
0.28 |
0.69 |
Current Ratio was
decreased from 1.25
to 0.89, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.69 to 0.28,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
2.79 |
2.92 |
D/E Ratio was
decreased from 2.92
to 2.79, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
2.46 |
4.11 |
|
Total Assets Turnover |
1.20 |
1.33 |
|
Return on Assets |
1.60 |
4.29 |
|
Return on Equity |
6.05 |
16.82 |
|
Day's Payable |
125.41 |
109.73 |
|
Day’s Inventories |
98.87 |
76.29 |
|
Day’s Receivables |
44.06 |
95.83 |
Fixed Assets Turnover
was decreased from
4.11 times to
2.46 times, Total
Assets Turnover was decreased from
1.33 times to
1.20 times, show
the company could
not use Assets
so efficiently, Return
on Assets was
decreased from 4.29
to 1.60, Return
on Equity was
decreased from 16.82
to 6.05, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 110
days to 126
days, and Day’s
Inventories was increased
from 77 days
to 99 days, while Day’s
Receivables was decreased
from 96 days
to 45 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.67 |
|
UK Pound |
1 |
Rs.80.92 |
|
Euro |
1 |
Rs.63.71 |
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 |
|
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%)