MIRA
INFORM REPORT
|
Report Date : |
14.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUPARTH DIAMOND CO., LTD. |
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Registered Office : |
22nd Floor, ITF
Silom Palace Building, 160/490-491 Silom
Road, Suriyawongse,
Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
23.08. 2002 |
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Com. Reg. No.: |
0105545087621 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and Exporter of Diamond 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 of the company
SUPARTH DIAMOND CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 22nd FLOOR,
ITF SILOM PALACE
BUILDING,
160/490-491 SILOM
ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2238-3740,
081 720-0521
FAX :
[66] 2238-3740
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2002
REGISTRATION NO. : 0105545087621
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. CHIRAG PRAKASHCHANDRA SHAH, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : DIAMOND AND JEWELRY PRODUCTS
IMPORTER, 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 August 23,
2002 as a
private limited company under the name style
SUPARTH DIAMOND CO.,
LTD., by Thai
and Indian groups,
in order to engage
in jewelry trading
business. It currently
employs 3 staff.
The
subject’s registered address
is 160/490-491 Silom
Rd., Surawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Chirag Prakashchandra Shah |
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Indian |
28 |
|
Mr. Rahul Ramesh Kumar
Shah |
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Indian |
23 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Chirag Prakashchandra Shah is the Managing Director.
He is Indian nationality with
the age of
28 years old.
BUSINESS OPERATIONS
The subject is
engaged in trading
business, comprising import,
distribute and export
of diamonds, gemstone
and jewelry products.
PURCHASE
Jewelry products are
purchased from local
suppliers.
IMPORT
Diamonds
and gemstones are
imported from India,
Hong Kong and
Belgium.
SALES [LOCAL]
Diamonds and gemstones
are sold locally
by wholesale to
traders and manufacturers.
EXPORT
Jewelry products is
exported to India,
Hong Kong and
Japan.
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.
Exports are against
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’s business is
fair, while consumption in domestic market
is likely slow
from declining purchasing
power. Exported markets
remains moderate but
growth is at
slow pace.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000 divided
into 30,000 shares of Bht.
100 each.
On
January 25, 2006,
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 March 26,
2008]
|
NAME |
HOLDING |
% |
|
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Mr. Chirag Prakashchandra Shah Nationality: Indian Address : 160/316
Silom Rd., Suriyawongse, Bangrak, Bangkok |
19,600 |
49.00 |
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Ms.
Kanokwan Kongpaisalthavorn Nationality: Thai Address : 61
Lamphu Rd., Wadsamphrayakrai,
Phranakorn, Bangkok |
4,000 |
10.00 |
|
Ms.
Rapeephan Kanakornwattana Nationality: Thai Address : 120/2
Charoenkrung Rd., Wadphrayakrai,
Bangkorlaem, Bangkok |
4,000 |
10.00 |
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Ms.
Boonyanuch Krasiri Nationality: Thai Address : 913
Charoenkrung, Bangklo, Bangkorlaem, Bangkok |
4,000 |
10.00 |
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Ms. Ajchara Sereewat Nationality: Thai Address : 150
Moo 4, Rajburana
Rd., Bangmod,
Rajburana, Bangkok |
4,000 |
10.00 |
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Ms. Prapisaphan Kruewal Nationality: Thai Address : 549/179
Charansanitwong Rd., Bangkhunsri,
Bangkoknoi, Bangkok |
4,000 |
10.00 |
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Mr.
Supakorn Nam-an Nationality: Thai Address : 28
Moo 7, Buengsamphan, Petchabun |
400 |
1.00 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Surin Ruengpetch No. 3741
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
|
1,042,152.07 |
569,475.24 |
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Trade Accts. Receivable |
18,019,322.27 |
7,808,923.55 |
|
Inventories |
5,999,204.38 |
1,675,847.00 |
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Other Current Assets
|
- |
4,821.74 |
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Total Current
Assets |
25,060,678.72 |
10,059,067.53 |
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Total Assets |
25,060,678.72 |
10,059,067.53 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
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Trade Accts. Payable |
19,863,445.27 |
5,355,368.16 |
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Other Current Liabilities |
156,632.58 |
67,967.09 |
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Total Current Liabilities
|
20,020,077.85 |
5,423,335.25 |
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Total Liabilities |
20,020,077.85 |
5,423,335.25 |
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Shareholders'
Equity |
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Share capital : Baht 100 par 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 |
1,040,600.87 |
636,232.28 |
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Total
Shareholders' Equity |
5,040,600.87 |
4,636,232.28 |
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Total
Liabilities & Shareholders' Equity |
25,060,678.72 |
10,059,567.53 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
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Sales |
28,837,895.17 |
20,317,785.32 |
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Other Income |
452,768.14 |
207,950.67 |
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Total Revenues
|
29,290,663.31 |
20,525,735.99 |
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Expenses |
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Cost of Goods
Sold |
26,813,494.84 |
18,715,355.35 |
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Selling & Administrative Expenses |
2,000,209.08 |
1,481,621.63 |
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Total Expenses |
28,813,703.92 |
20,196,976.98 |
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Profit / [Loss] Before Income
Tax |
476,959.39 |
328,759.01 |
|
Income Tax |
[72,590.80] |
[50,094.09] |
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Net Profit / [Loss] |
404,368.59 |
278,664.92 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
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Net Sales |
41.93 |
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Operating Profit |
2.22 |
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Net Profit |
45.11 |
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Total Assets |
149.14 |
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Profitability |
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Cost of Good
Sold |
92.98 |
92.11 |
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Operating Profit Margin |
1.65 |
1.62 |
|
S & A
Expenses |
6.94 |
7.29 |
|
Other Revenues |
1.57 |
1.02 |
|
Net Profit Margin |
1.40 |
1.37 |
|
Earning Per Shares |
10.11 |
6.97 |
|
No. of Shares |
40,000 |
40,000 |
Net Sales was
increased by 41.93%,
Operating Profit was
increased by 2.22%,
Net Profit was
increased by 45.11%,
Total Assets was
increased by 149.14%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 92.11%
to 92.98%, Operating
Profit Margin was
increased from 1.62%
to 1.65%, S
& A Expenses
was decreased from
7.29% to 6.94%,
Other Revenues was
increased from 1.02%
to 1.57%, Net
Profit Margin was
increased from 1.37%
to 1.40%.
Earning Per Shares
was increased from
6.97 baht per
share to 10.11
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.25 |
1.85 |
|
Quick-Assets Ratio |
0.95 |
1.54 |
Current Ratio was
decreased from 1.85
to 1.25, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
so good, Quick-Assets Ratio was decreased
from 1.54 to
0.95, 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 |
3.97 |
1.17 |
D/E Ratio was
increased from 1.17
to 3.97, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2007 |
2006 |
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Total Assets Turnover |
1.15 |
2.02 |
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Return on Assets |
1.61 |
2.77 |
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Return on Equity |
8.02 |
6.01 |
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Day's Payable |
247.97 |
94.89 |
|
Day’s Inventories |
74.89 |
29.69 |
|
Day’s Receivables |
224.95 |
138.36 |
Total Assets Turnover
was decreased from
2.02 times to
1.15 times, show
the company could
not use Assets
so efficiently, Return
on Assets was
decreased from 2.77
to 1.61, Return
on Equity was
increased from 6.01
to 8.02, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 95
days to 248
days, Day’s Inventories
was increased from
30 days to
75 days, and
Day’s Receivables was
increased from 139
days to 225
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.82 |
|
UK Pound |
1 |
Rs.80.01 |
|
Euro |
1 |
Rs.63.83 |
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 |
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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 |
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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%)