MIRA
INFORM REPORT
|
Report Date : |
04.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
STAR
DIAMONDS CO., LTD. |
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Registered Office : |
2nd Floor,
Room 203, Poonmanee
Building, 30-36 Mahaesak Road, Suriyawongse, 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 : |
21.04.1986 |
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Com. Reg. No.: |
0105529013405 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and
Exporter of Diamond and Gemstones |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
STAR
DIAMONDS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 2nd FLOOR, ROOM
203, POONMANEE BUILDING,
30-36 MAHAESAK ROAD,
SURIYAWONGSE,
BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2235-5185
FAX : [66] 2267-1567
E-MAIL
ADDRESS : star_diamonds@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION NO. : 0105529013405
[Former : 1341/2529]
CAPITAL REGISTERED : BHT.
15,000,000
CAPITAL PAID-UP : BHT. 15,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. SHAH BHARAT LALUBHAI, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 7
LINES
OF BUSINESS : DIAMOND AND GEMSTONES 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 April 21,
1986 as a
private limited company under the name style
STAR DIAMONDS CO., LTD.,
by Thai and
Indian groups. It is
engaged in diamonds
and gems trading
business. It currently
employs 7 staff.
The
subject’s registered address
is 30-36 Poonmanee Building,
Mahaesak Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
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|
Mr. Shah Bharat Lalubhai |
|
Indian |
53 |
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Shah Bharat
Lalubhai is the Managing Director.
He is Indian nationality with
the age of
53 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and re-exporting of diamonds and
gemstones.
IMPORT
100%
of the products is imported
from India, Pakistan,
Belgium and Africa.
SALES
Its products are
sold to customers
both in domestic
and overseas, mainly
in Malaysia, Hong
Kong and Indonesia.
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
according for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Imports are by
T/T.
Exports are against
T/T.
BUSINESS TRANSACTION
The products are
sold by cash
and credit, with maximum credit given at
30-60 days. The
subject is not
found to have
problem on its
account receivable.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 7
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
a prime commercial
area.
COMMENT
Consumption of diamond and gemstone for
jewelry industry has excessively dropped
related to slow
consumption and low
purchasing power in
domestic market. Subject’s sale performance has
been continuing declined
since the last
two years.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
1,000,000 divided into
1,000 shares of
Bht. 1,000 each.
The
capital was increased
later as following:
Bht. 2,000,000
on January 26,
1987
Bht.
15,000,000 on February 5, 1991
The
latest registered capital
was increased to
Bht. 15,000,000 divided into
15,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at June 2,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Shah Bharat
Lalubhai Nationality: Indian Address : 30-36
Mahaesak Rd.,
Suriyawongse,
Bangrak, Bangkok 10500
|
7,350 |
49.00 |
|
Mrs.
Duangporn Puthawatana Nationality: Thai Address : 32
Sukhumvit Rd., Prakanong,
Bangkok 10110 |
1,650 |
11.00 |
|
Mrs.
Napaporn Naebpudsa Nationality: Thai Address : 667
T. Naimuang, Muang, Ubolratchathanee |
1,200 |
8.00 |
|
Mr. Opas Duangkaew Nationality: Thai Address : 132
Moo 11, Rainoy,
Muang,
Ubolratchathanee |
1,200 |
8.00 |
|
Mr. Adisak Wuthi-uthai Nationality: Thai Address : 138
Phaholyothin Rd., Samsennai, Phyathai,
Bangkok 10400 |
1,200 |
8.00 |
|
Mrs. Sakorn Porakonthan Nationality: Thai Address : 844/3
Ramkamhaeng Rd., Huamark,
Bangkapi, Bangkok |
1,200 |
8.00 |
|
Mr. Bandit Sornpaisal Nationality: Thai Address : 342/30
Charoenmuang Rd., Wangmai,
Pathumwan, Bangkok 10330 |
1,200 |
8.00 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mr. Jate Supapatranam No.
1382
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
110,160.68 |
25,509.76 |
|
Trade Accts. Receivable |
20,653,229.24 |
44,761,877.37 |
|
Inventories |
22,337,838.82 |
12,344,189.15 |
|
Deferred Income
|
- |
150,915.07 |
|
|
|
|
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Total Current
Assets |
43,101,228.74 |
57,282,491.35 |
|
Loan from Director
|
790,000.00 |
12,200,000.00 |
|
Fixed Assets |
1.00 |
1.00 |
|
Other Assets - Guarantee |
5,607.48 |
5,607.48 |
|
Total Assets |
43,896,837.22 |
69,488,099.83 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
27,709,428.05 |
53,537,909.23 |
|
Other Current Liabilities |
91,251.61 |
117,359.25 |
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|
|
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Total Current
Liabilities |
27,800,679.66 |
53,655,268.48 |
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Shareholders'
Equity |
|
|
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|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 150,000 shares |
15,000,000.00 |
15,000,000.00 |
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|
|
|
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Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning -
Unappropriated |
1,096,157.56 |
832,831.35 |
|
Total Shareholders'
Equity |
16,096,157.56 |
15,832,831.35 |
|
Total
Liabilities & Shareholders' Equity |
43,896,837.22 |
69,488,099.83 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
25,182,183.01 |
41,897,851.80 |
|
Gain on Exchange
Rate |
1,332,517.72 |
1,023,786.90 |
|
Other Income |
- |
174,915.07 |
|
Total Revenues
|
26,514,700.73 |
43,096,553.77 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
24,705,800.68 |
41,428,591.19 |
|
Selling & Administrative Expenses |
1,426,275.65 |
1,198,976.27 |
|
Total Expenses |
26,132,076.33 |
42,627,567.46 |
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|
|
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Profit / [Loss] before Income
Tax |
382,624.40 |
468,986.31 |
|
Income Tax |
[119,298.19] |
[145,775.90] |
|
|
|
|
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Net Profit / [Loss] |
263,326.21 |
323,210.41 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[39.90] |
|
|
Operating Profit |
35.74 |
|
|
Net Profit |
[18.53] |
|
|
Total Assets |
[36.83] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
98.11 |
98.88 |
|
Operating Profit Margin |
1.52 |
1.12 |
|
S & A
Expenses |
5.66 |
2.86 |
|
Other Revenues |
5.29 |
2.86 |
|
Net Profit Margin |
1.05 |
0.77 |
|
Earning Per Shares |
1.76 |
2.15 |
|
No. of Shares |
150,000 |
150,000 |
Net Sales was
decreased by 39.90%,
Operating Profit was
increased by 35.74%,
Net Profit was
decreased by 18.53%,
Total Assets was
decreased by 36.83%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 98.88%
to 98.11%, Operating
Profit Margin was
increased from 1.12%
to 1.52%, S
& A Expenses
was increased from
2.86% to 5.66%,
Other Revenues was
increased from 2.86%
to 5.29%, Net
Profit Margin was
increased from 0.77%
to 1.05%.
Earning Per Shares
was decreased from
2.15 baht per
share to 1.76
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.55 |
1.07 |
|
Quick-Assets Ratio |
0.75 |
0.83 |
Current Ratio was
increased from 1.07
to 1.55, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.83 to 0.75,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
1.73 |
3.39 |
D/E Ratio was
decreased from 3.39
to 1.73, 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 |
25,182,183.01 |
41,897,851.80 |
|
Total Assets Turnover |
0.57 |
0.60 |
|
Return on Assets |
0.60 |
0.47 |
|
Return on Equity |
1.64 |
2.04 |
|
Day's Payable |
396.13 |
460.02 |
|
Day’s Inventories |
319.34 |
106.07 |
|
Day’s Receivables |
295.25 |
384.61 |
Fixed Assets Turnover
was decreased from
41,897,850.00 times to
25,182,180.00 times, Total
Assets Turnover was
decreased from 0.60
times to 0.57
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 0.47 to
0.60, Return on
Equity was decreased
from 2.04 to
1.64, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 461
days to 397
days, while Day’s
Inventories was increased
from 107 days
to 320 days, but Day’s
Receivables was decreased
from 385 days
to 296 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.79 |
|
UK Pound |
1 |
Rs.73.37 |
|
Euro |
1 |
Rs.63.08 |
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%)