MIRA
INFORM REPORT
|
Report Date : |
19.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INDO DIAMOND [BELGIUM] CO., LTD. |
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Registered Office : |
25th Floor, Unit No. 1249/180 C2, Gems Tower Building,
1249 Charoenkrung Road, Suriyawongse |
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Country : |
Thailand |
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Financials (as on) : |
30.11.2006 |
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Date of Incorporation : |
1991 |
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Com. Reg. No.: |
0105534121458 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing, Distributing and exporting of diamonds and Precious Stones for Jewelry Industry. |
RATING &
COMMENTS
|
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 : |
Regular |
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Litigation : |
Clear |
name
INDO DIAMOND [BELGIUM] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 25th FLOOR,
UNIT NO. 1249/180 C2,
GEMS TOWER
BUILDING,
1249 CHAROENKRUNG ROAD,
SURIYAWONGSE,
BANGRAK,
BANGKOK 10500, THAILAND
TELEPHONE : [66] 2237-2019,
2237-5217-8
FAX : [66] 2237-5219
E-MAIL
ADDRESS : indo_diamond@yahoo.uk
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION NO. : 0105534121458
[Former : 12143/2534]
CAPITAL REGISTERED : BHT.
11,000,000
CAPITAL PAID-UP : BHT.
11,000,000
FISCAL YEAR CLOSING DATE : NOVEMBER 30
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
MAHESY KUMAR AGRAWAL,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : DIAMONDS AND PRECIOUS STONES
IMPORTER, DISTRIBUTOR
& 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 December 20,
1991 as a
private limited company under the registered name CRYSTAL
DIAMONDS CO., LTD., by
Thai and Indian
groups, to be engaged
in importing and distributing of diamond and
precious stone business.
On
December 16, 1994,
the subject was
changed its name
to be INDO DIAMOND [BELGIUM]
CO., LTD. It currently
employs 5 staff.
The
subject’s registered address
was initially located
at 297 Wanglee Building, Surawong
Rd., Suriyawong, Bangrak,
Bangkok 10500.
On
October 12, 2006,
it was relocated to 1249/180
C2, Gems Tower
Bldg., Charoenkrung Rd.,
Suriyawongse, Bangrak, Bangkok
10500, and this
is the subject’s current
operation address.
THE BOARD OF DIRECTOR
Mr. Mahesy Kumar
Agrawal
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Mahesy
Kumar Agrawal is
the Managing Director.
He is Indian nationality
BUSINESS OPERATIONS
The subject is engaged in
importing, distributing and exporting of diamonds and
precious stones for jewelry
industry.
PURCHASE
Its
products are purchased
from suppliers both
local and overseas
countries mainly India
and Belgium.
SALES [LOCAL]
90%
of the product is sold
locally to dealers and
manufacturers.
EXPORT
10% of the
products is exported
to Hong Kong.
RELATED AND AFFILIATED COMPANY
Thai Gem
Center Co., Ltd.
Business Type
: Importer and
distributor of gemstones.
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 negotiated term.
Imports
are by L/C at sight.
Exports
are against T/T.
BUSINESS TRANSACTION
The
products are sold
mainly by cash.
There is no
problem on its
account receivable.
BANKING
Standard Chartered
Bank [Thai] Public Co.,
Ltd.
[Head Office : 90 North
Sathorn Rd., Bangrak,
Bangkok 10500]
EMPLOYMENT
The
subject employs 5
staff [office and sales staff].
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial area.
COMMENT
Sales of jewelry
products in local market are slowly growth, due to local consumption
declined. Market of
diamond, precious stones and gold were
likely to contract.
The economic situation was not
favorable for jewelry consumption.
However the
subject still maintained
its moderate business,
but growth is slowing down.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
2,000,000 divided into
20,000 shares of Bht. 100
each.
The
capital was increased
later as follows:
Bht. 5,000,000
on November 15,
1996
Bht.
11,000,000 on December 4, 2000
The
latest registered 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
March 31, 2007]
|
NAME |
HOLDING |
% |
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Mr. Mahesy
Kumar Agrawal Nationality: Indian Address : 297 Surawong
Rd., Suriyawongse, Bangrak, Bangkok 10500 |
52,800 |
48.00 |
|
Mrs. Somporn
Saetang Nationality: Thai Address : 15/42 Moo 6,
T. Bansuan, A.
Muang, Chonburi |
11,220 |
10.20 |
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Mrs. Somrak
Pateeyawong Nationality: Thai Address : 149 Isaraphap
Rd., Somdejchaophya,
Klongsan, Bangkok 10600 |
11,220 |
10.20 |
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Mr. Kongsak
Luangtanakul Nationality: Thai Address : 274/14 Moo 5,
T. Bansuan, A.
Muang, Chonburi Province |
11,220 |
10.20 |
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Ms. Ratana
Saeliew Nationality: Thai Address : 128/60 Sathupradit Rd., Tungwatdon, Yannawa, Bangkok
10120 |
11,220 |
10.20 |
Mr. Amorn
Pateeyawong Nationality: Thai Address : 149 Isaraphap
Rd., Somdejchaophya,
Klongsan, Bangkok 10600 |
11,220 |
10.20 |
|
Mr. Ravee Kumar
Agrawal Nationality: Indian Address : 297 Surawong
Rd., Suriyawongse, Bangrak, Bangkok 10500 |
1,100 |
1.00 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Pimporn Nimmanwatana No. 4268
BALANCE SHEET [BAHT]
The
latest financial figures
published for November
30, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
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Cash in hand
& at Bank
|
1,885,909.96 |
788,322.40 |
|
Short Term Investment |
1,438,497.68 |
1,670,236.72 |
|
Trade Accts. Receivable |
10,248,843.37 |
9,772,243.31 |
|
Inventories |
15,968,628.87 |
17,535,078.38 |
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Other Current Assets
|
2,711.46 |
2,935.46 |
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Total Current
Assets |
29,544,591.34 |
29,768,816.27 |
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Fixed Assets |
83,318.58 |
40,595.67 |
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Other Assets |
50,055.00 |
32,880.00 |
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Total Assets |
29,677,964.92 |
29,842,291.94 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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|
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Trade Accts. Payable |
12,616,178.92 |
13,172,966.04 |
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Other Current Liabilities |
308,584.38 |
182,551.38 |
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Total Current
Liabilities |
12,924,763.30 |
13,355,517.42 |
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Total Liabilities |
12,924,763.30 |
13,355,517.42 |
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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 |
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Capital Paid |
11,000,000.00 |
11,000,000.00 |
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Retained Earning -
Unappropriated |
5,753,201.62 |
5,486,774.52 |
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Total
Shareholders' Equity |
16,753,201.62 |
16,486,774.52 |
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Total
Liabilities & Shareholders' Equity |
29,677,964.92 |
29,842,291.94 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales Income |
15,848,335.56 |
17,871,524.76 |
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Export Income |
4,517,194.36 |
3,489,838.12 |
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Other Income |
610,015.00 |
5,182.84 |
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Total Revenues
|
20,975,544.92 |
21,366,545.72 |
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Expenses |
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Cost of Goods
Sold |
18,710,438.13 |
18,730,056.52 |
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Selling & Administrative Expenses |
1,884,496.64 |
2,274,865.48 |
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Total Expenses |
20,594,934.77 |
21,004,922.00 |
|
Profit / [Loss] Before Income
Tax |
380,610.15 |
361,623.72 |
|
Income Tax |
[114,183.05] |
[121,975.34] |
|
Net Profit / [Loss] |
266,427.10 |
239,648.38 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[4.66] |
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Operating Profit |
10.40 |
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Net Profit |
11.17 |
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Fixed Assets |
105.24 |
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Total Assets |
[0.55] |
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Profitability |
|
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Cost of Good
Sold |
91.87 |
87.68 |
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Operating Profit Margin |
1.87 |
1.69 |
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S & A
Expenses |
9.25 |
10.65 |
|
Other Revenues |
3.00 |
0.02 |
|
Net Profit Margin |
1.31 |
1.12 |
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Earning Per Shares |
2.42 |
2.18 |
|
No. of Shares |
110,000 |
110,000 |
Net Sales was
decreased by 4.66%,
Operating Profit was
increased by 10.40%,
Net Profit was
increased by 11.17%,
Fixed Assets was
increased by 105.24%,
Total Assets was
decreased by 0.55%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 87.68%
to 91.87%, Operating
Profit Margin was
increased from 1.69%
to 1.87%, S
& A Expenses
was decreased from
10.65% to 9.25%,
Other Revenues was
increased from 0.02%
to 3.00%, Net
Profit Margin was
increased from 1.12%
to 1.31%.
Earning Per Shares
was increased from
2.18 baht per
share to 2.42
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.29 |
2.23 |
|
Quick-Assets Ratio |
1.05 |
0.92 |
Current Ratio was
increased from 2.23
to 2.29, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.92 to 1.05,
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 |
0.77 |
0.81 |
D/E Ratio was
decreased from 0.81
to 0.77, 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 |
244.43 |
526.20 |
|
Total Assets Turnover |
0.69 |
0.72 |
|
Return on Assets |
0.90 |
0.80 |
|
Return on Equity |
1.59 |
1.45 |
|
Day's Payable |
223.02 |
222.00 |
|
Day’s Inventories |
282.28 |
295.52 |
|
Day’s Receivables |
181.17 |
164.69 |
Fixed Assets Turnover
was decreased from
526.20 times to
244.43 times, Total
Assets Turnover was
decreased from 0.72
times to 0.69
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 0.80 to
0.90, Return on
Equity was increased
from 1.45 to
1.59, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 223
days to 224
days, while Day’s
Inventories was decreased
from 296 days
to 283 days, but Day’s
Receivables was increased
from 165 days
to 182 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.23 |
|
UK Pound |
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.63.80 |
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%)