MIRA
INFORM REPORT
|
Report Date : |
22.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
REAL THAI GEMS LIMITED |
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Registered Office : |
31/3
Trok Vaiti, Silom
Road, Silom, Bangrak,
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 : |
1986 |
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Com. Reg. No.: |
0105529019748 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing, Distributing and
Exporting of Diamonds
and Gemstones for
Jewelry Productions. |
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
REAL THAI GEMS LIMITED
SUMMARY
BUSINESS
ADDRESS : 31/3
TROK VAITI, SILOM
ROAD, SILOM,
BANGRAK, BANGKOK 10500,
TELEPHONE : [66]
2234-2468, 2238-3188, 2238-3351,
2235-2861
FAX : [66] 2236-2650,
2235-3675
E-MAIL
ADDRESS : realthai@ksc.th.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1986
REGISTRATION NO. : 0105529019748 [Former: 1974/2529]
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.
DINESH AGRAWAL, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 9
LINES
OF BUSINESS : DIAMOND AND GEMSTONES
IMPORTER, DISTRIBUTOR AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on June
11, 1986 as
a private limited
company under the
name style REAL
THAI GEMS LIMITED
by Thai and
Indian groups, in
order to distribute
gemstones to both
domestic and overseas
markets. It currently
employs 9 staff.
The
subject’s registered address
is 31/3 Trok
Vaiti, Silom Road,
Silom, Bangrak, Bangkok
10500, and this
is the company’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Nationality
|
Age
|
|
|
|
|
Mr. Dinesh
Agrawal
|
Indian |
43 |
|
Mr. Asoke Kumar
Gupta |
Indian |
40 |
AUTHORIZED PERSON
One of the
above directors signs
on behalf of
the subject with
the company’s affixed.
MANAGEMENT
Mr. Dinesh
Agrawal is the Managing Director.
He is Indian nationality with
the age of
43 years old.
Mr. Asoke
Kumar Gupta is
the Co-Managing Director.
He is
Indian nationality with
the age of
40 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
of diamonds and gemstones for
jewelry productions.
PURCHASE
The products are
purchased from both
local and overseas
suppliers in India,
Hong Kong, Japan
and Republic of
China.
MAJOR SUPPLIERS
Gupta Jewel
Corporation : India
Thai Fine Gems
& Jewelry Ltd. : Thailand
SALES [LOCAL]
The products are
sold locally to
jewelry manufacturers.
EXPORT [COUNTRIES]
The subject also
exports Thai gemstones
to United States of
America, Indonesia, Hong
Kong , Taiwan and
European countries.
MAJOR CUSTOMER
GRK Gems Inc. : United
States of America
SUBSIDIARIES &
AFFILIATED COMPANY
The subject is
not found to
have subsidiaries or
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 L/C at sight
or T/T.
BANKING
Kasikornbank Public
Co., Ltd.
[Silom Branch :
Silom Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
9 office and
sales staff.
LOCATION DETAILS
The premise is
owned for administrative office at the
heading address. Premise
is located in a prime
commercial area.
COMMENT
The subject’s sales
in 2006 were
spurred by exports
while domestic consumption
has been slowing down.
However, in 2007
exported jewelry to
U.S.A. would dropped
due to Thai jewelry has
been cut GST
privilege by US
government since July 1,
2007.
However, the subject can
maintain its good
business from export
markets.
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
followings:
Bht.
5,000,000 on August
19, 1995
Bht.
10,000,000 on February
10, 1998
Bht.
11,000,000 on August
27, 1998
The latest
registered capital was
increased to Bht. 11,000,000
divided into 110,000 shares of Bht. 100
each with fully
paid.
MAIN SHAREHOLDERS : [as
at January 9,
2004]
|
NAME |
HOLDING |
% |
|
|
|
|
Mr. Dinesh
Agrawal
Nationality : Indian Address : 31/3
Trok Vaiti, Silom Rd., Silom, Bangrak,
Bangkok 10500 |
50,000 |
45.45 |
Ms. Nonglak
Ratanabutra
Nationality : Thai Address : 410/47
Surawong Rd., Siphya,
Bangrak,
Bangkok 10500 |
14,026 |
12.75 |
Ms. Sopa
Raksapol
Nationality : Thai Address : 410/47
Surawong Rd., Siphya,
Bangrak,
Bangkok 10500 |
14,023 |
12.75 |
Ms. Pisamai
Nakorntham
Nationality : Thai Address : 410/47
Surawong Rd., Siphya,
Bangrak,
Bangkok 10500 |
14,023 |
12.75 |
Ms. Jaranrat
Chachai
Nationality : Thai Address : 410/47
Surawong Rd., Siphya,
Bangrak,
Bangkok 10500 |
14,023 |
12.75 |
Mr. Asoke
Kumar Gupta
Nationality : Indian Address : 31/3
Trok Vaiti, Silom Rd., Silom, Bangrak,
Bangkok 10500 |
3,900 |
3.55 |
Other shareholders
|
5 |
- |
Total Shareholders
11
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Suchart Srimunjantha No. 3549
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
4,135,881.19 |
12,942,102.44 |
|
Trade Accts. Receivable |
41,008,814.77 |
47,635,432.99 |
|
Inventories |
35,878,095.23 |
43,154,428.42 |
|
Total Current
Assets |
81,022,791.19 |
103,731,963.85 |
|
|
|
|
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Fixed Assets |
32,772.86 |
65,418.32 |
|
Total Assets |
84,391,925.15 |
105,141,971.51 |
LIABILITIES & SHAREHOLDERS' EQUITY
[BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
1,481,599.73 |
1,745,290.54 |
|
Accrued Expenses |
40,815,694.98 |
67,136,581.78 |
|
Total Current
Liabilities |
42,297,294.71 |
68,881,872.32 |
|
Total Liabilities |
42,297,294.71 |
68,881,872.32 |
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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 |
|
Retained Earning -
Unappropriated |
31,094,630.44 |
25,260,099.19 |
|
Total Shareholders'
Equity |
42,094,630.44 |
36,260,099.19 |
|
Total
Liabilities & Shareholders' Equity |
84,391,925.15 |
105,141,971.51 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
245,815,724.10 |
237,839,832.75 |
|
Other Income |
1,055,258.28 |
1,452,476.75 |
|
Total Revenues
|
246,870,982.38 |
239,292,309.50 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
229,889,966.52 |
222,359,528.03 |
|
Selling & Administrative Expenses |
8,645,971.22 |
8,926,273.33 |
|
Total Expenses |
238,535,937.74 |
231,285,801.36 |
|
Profit/[Loss] Before Income
Tax |
8,335,044.64 |
8,006,508.14 |
|
Income Tax |
[2,500,513.39] |
[2,401,952.44] |
|
Net Profit / [Loss] |
5,834,531.25 |
5,604,555.70 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
3.35 |
|
|
Operating Profit |
0.73 |
|
|
Net Profit |
4.10 |
|
|
Fixed Assets |
[49.90] |
|
|
Total Assets |
[19.74] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
93.52 |
93.49 |
|
Operating Profit Margin |
3.39 |
3.37 |
|
S & A Expenses |
3.52 |
3.75 |
|
Other Revenues |
0.43 |
0.61 |
|
Net Profit Margin |
2.37 |
2.36 |
|
Earning Per Shares |
53.04 |
50.95 |
|
No. of Shares |
110,000 |
110,000 |
Net Sales was
increased by 3.35%,
Operating Profit was
increased by 0.73%,
Net Profit was
increased by 4.10%,
Fixed Assets was
decreased by 49.90%,
Total Assets was
decreased by 19.74%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 93.49%
to 93.52%, Operating
Profit Margin was
increased from 3.37%
to 3.39%, S
& A Expenses
was decreased from
3.75% to 3.52%,
Other Revenues was
decreased from 0.61%
to 0.43%, Net
Profit Margin was
increased from 2.36%
to 2.37%.
Earning Per Shares
was increased from
50.95 baht per
share to 53.04
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.92 |
1.51 |
|
Quick-Assets Ratio |
1.07 |
0.88 |
Current Ratio was
increased from 1.51
to 1.92, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.88 to 1.07,
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 |
1.00 |
1.90 |
D/E Ratio was
decreased from 1.90
to 1.00, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
7,500.59 |
3,635.68 |
|
Total Assets Turnover |
2.91 |
2.26 |
|
Return on Assets |
6.91 |
5.33 |
|
Return on Equity |
13.86 |
15.46 |
|
Day's Payable |
2.17 |
2.64 |
|
Day’s Inventories |
52.54 |
65.32 |
|
Day’s Receivables |
60.06 |
72.10 |
Fixed Assets Turnover
was increased from
3,635.68 times to
7,500.59 times, Total
Assets Turnover was
increased from 2.26
times to 2.91
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
5.33 to 6.91,
Return on Equity
was decreased from
15.46 to 13.86,
capacity to use
Assets to make
profit was good.
Day's Payable was
stable at 3
days, while Day’s
Inventories was decreased
from 66 days
to 53 days, and Day’s
Receivables was decreased
from 73 days
to 61 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
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%)