MIRA INFORM REPORT
|
Report Date : |
16.12.2008 |
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) : |
31.12.2007 |
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Year of Establishment : |
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 : |
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
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 : 8
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
precious stones to
both domestic and
overseas markets. It currently
employs 8 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 |
44 |
|
Mr. Asoke Kumar
Gupta |
Indian |
41 |
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
44 years old.
Mr. Asoke Kumar
Gupta is the Co-Managing Director.
He is
Indian nationality with
the age of
41 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing, distributing and exporting of
diamonds and gemstones, and
precious stone, such as
emerald, ruby, sapphire
and others, 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
8 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 2007 were
slow down caused by less
order from overseas
markets, while domestic
consumption has been
sharply dropped. Moreover,
current world economic meltdown has increasing affected
exported of jewelry to
U.S.A. and European countries.
Subject has faced
with sluggish market
of jewelry products,
and its business
outlook is infirm.
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, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
3,062,217.72 |
4,135,881.19 |
|
Trade Accts. Receivable |
54,630,396.08 |
41,008,814.77 |
|
Inventories |
34,371,137.58 |
35,878,095.23 |
|
Total Current Assets
|
92,063,751.38 |
81,022,791.19 |
|
|
|
|
|
Fixed Assets |
9.00 |
32,772.86 |
|
Other Assets |
1,221,083.29 |
3,336,361.10 |
|
Total Assets |
93,284,843.67 |
84,391,925.15 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Trade Accts. Payable |
1,103,291.87 |
1,481,599.73 |
|
Accrued Expenses |
45,448,424.53 |
40,815,694.98 |
|
Total Current Liabilities |
46,551,716.40 |
42,297,294.71 |
|
Total Liabilities |
46,551,716.40 |
42,297,294.71 |
|
|
|
|
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Shareholders' Equity |
|
|
|
|
|
|
|
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 |
35,733,127.27 |
31,094,630.44 |
|
Total Shareholders' Equity |
46,733,127.27 |
42,094,630.44 |
|
Total Liabilities & Shareholders' Equity |
93,284,843.67 |
84,391,925.15 |
PROFIT & LOSS
ACCOUNT
|
Sales |
2007 |
2006 |
|
|
|
|
|
Sales |
195,899,740.80 |
245,815,724.10 |
|
Other Income |
1,739,989.73 |
1,055,258.28 |
|
Total Saless |
197,639,730.53 |
246,870,982.38 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
183,047,722.21 |
229,889,966.52 |
|
Selling & Administrative Expenses |
7,965,584.28 |
8,645,971.22 |
|
Total Expenses |
191,013,306.49 |
238,535,937.74 |
|
Profit/[Loss] Before Income
Tax |
6,626,424.04 |
8,335,044.64 |
|
Income Tax |
[1,987,927.21] |
[2,500,513.39] |
|
Net Profit / [Loss] |
4,638,496.83 |
5,834,531.25 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[20.31] |
|
|
Operating Profit |
[0.24] |
|
|
Net Profit |
[20.50] |
|
|
Fixed Assets |
[99.97] |
|
|
Total Assets |
10.54 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
93.44 |
93.52 |
|
Operating Profit Margin |
3.38 |
3.39 |
|
S & A
Expenses |
4.07 |
3.52 |
|
Other Saless |
0.89 |
0.43 |
|
Net Profit Margin |
2.37 |
2.37 |
|
Earning Per Shares |
42.17 |
53.04 |
|
No. of Shares |
110,000 |
110,000 |
Net Sales was
decreased by 20.31%,
Operating Profit was
decreased by 0.24%,
Net Profit was
decreased by 20.50%,
Fixed Assets was
decreased by 99.97%,
Total Assets was
increased by 10.54%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 93.52%
to 93.44%, Operating
Profit Margin was
decreased from 3.39%
to 3.38%, S
& A Expenses
was increased from
3.52% to 4.07%,
Other Saless was
increased from 0.43%
to 0.89%, Net
Profit Margin was
decreased from 2.37%
to 2.37%.
Earning Per Shares
was decreased from
53.04 baht per
share to 42.17
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.98 |
1.92 |
|
Quick-Assets Ratio |
1.24 |
1.07 |
Current Ratio was
increased from 1.92
to 1.98, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.07 to 1.24,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
1.00 |
1.00 |
D/E Ratio was
decreased from 1.00
to 1.00, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
21,766,637.87 |
7,500.59 |
|
Total Assets Turnover |
2.10 |
2.91 |
|
Return on Assets |
4.97 |
6.91 |
|
Return on Equity |
9.93 |
13.86 |
|
Day's Payable |
2.03 |
2.17 |
|
Day’s Inventories |
63.16 |
52.54 |
|
Day’s Receivables |
100.39 |
60.06 |
Fixed Assets Turnover
was increased from
7,500.59 times to
21,766,640.00 times, Total
Assets Turnover was
decreased from 2.91
times to 2.10
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 6.91 to
4.97, Return on
Equity was decreased
from 13.86 to
9.93, capacity to
use Assets to
make profit was
good.
Day's Payable was
stable at 3
days, while Day’s
Inventories was increased
from 53 days
to 64 days, and Day’s
Receivables was increased
from 61 days
to 101 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.33 |
|
UK Pound |
1 |
Rs.73.92 |
|
Euro |
1 |
Rs.66.69 |
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%)