MIRA
INFORM REPORT
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Report Date : |
12.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
PAN
FACETS CO., LTD. |
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Registered Office : |
Room D, 34th Floor, Gems Tower, 1249/210 Charoenkrung 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 : |
09.10.2002 |
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Com. Reg. No.: |
0105545106714 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and
Exporter of Diamonds and Gems
Jewelry |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
PAN FACETS
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : ROOM
D, 34th FLOOR,
GEMS TOWER,
1249/210 CHAROENKRUNG ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : 2szcap@kaluga.ru
FAX :
[66] 2267-4669
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION NO. : 0105545106714
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. VIPUL KUMAR DIRAJLAL DARRU,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : DIAMONDS AND GEMS JEWELRY
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 October 9,
2002 as a
private limited company under the name style
PAN FACETS CO.,
LTD., by Thai and
Indian groups, in
order to operate
a jewelry trading
business. It currently
employs 4 staff.
The
subject’s registered address
is 1249/210 Gems
Tower, Charoenkrung Rd.,
Suriyawongse, Bangrak, Bangkok
10500, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Vipul Kumar Dirajlal Darru
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Vipul Kumar
Dirajlal Darru is
the Managing Director.
He is Indian nationality with
the age of
37 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
jewelry and gemstone,
as well as
exporting wide range
of diamonds and
gemstone jewelry products,
such as ring,
bracelet, earring, necklace,
pin and etc.
PURCHASE
100% of jewelry
products is purchased
from local manufacturers,
IMPORT
Diamonds
and gemstones are
imported from India,
Australia and Africa.
SALES [LOCAL]
The products is
sold locally by
wholesale to traders
and manufacturers.
EXPORT
100% of jewelry
products is exported
to Japan, Hong
Kong, Taiwan, Europe
and Middle East
countries.
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
L/C at sight or T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 4
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
a prime commercial
area.
COMMENT
Economic
uncertainty has resulted
to decline consumption
of jewelry products
in local market.
This has led to slow
sales of diamond and
gemstones.
The
subject’s sales was
moderate in 2006,
however slightly decline
of its sales revenue in
2007 has resulted
from slow consumption
and expected to
continue to 2008.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000 divided
into 30,000 shares of
Bht. 100 each.
The
capital was increased
later as following:
Bht.
5,000,000 on November
20, 2002
Bht.
6,000,000 on December
2, 2004
On
November 23, 2006,
the capital was
decreased 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,
2007]
|
NAME |
HOLDING |
% |
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Mr. Vipul Kumar
Dirajlal Darru Nationality: Indian Address : 1249/202
Charoenkrung Rd., Suriyawongse,
Bangrak, Bangkok |
15,600 |
39.00 |
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Mr. Anuwat Singsirivibul Nationality: Thai Address : 49/94
Moo 5, Petchkaswem Rd., Laksong,
Nongkaem, Bangkok |
8,400 |
21.00 |
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Mr. Mongkol Kongkrisanakul Nationality: Thai Address : 95
Praenara Rd., Salchaoporsua,
Phranakorn, Bangkok |
4,000 |
10.00 |
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Mr. Supakorn Nam-on Nationality: Thai Address : 28
Moo 7, Buengsamphan, Petchabun |
4,000 |
10.00 |
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Mr.
Charungsak Anantawong Nationality: Thai Address : 272
Moo 4, Pracha-uthit Rd., Bangmod,
Thungkru, Bangkok |
4,000 |
10.00 |
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Mr. Mitul Arjay
Shar Nationality: Indian Address : 1249/208 Charoenkrung Rd., Suriyawongse, Bangrak, Bangkok |
2,000 |
5.00 |
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Mr. Ankiz Rahul
Meta Nationality: Indian Address : 1249/208
Charoenkrung Rd., Suriyawongse,
Bangrak, Bangkok |
2,000 |
5.00 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Surin Reungpetch No. 3741
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank
|
156,138.84 |
22,016.90 |
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Trade Accts. Receivable |
4,738,991.78 |
4,622,455.29 |
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Inventories |
16,855,143.99 |
13,527,666.58 |
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Other Current Assets
|
- |
9,558.58 |
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Total Current
Assets |
21,750,274.61 |
18,181,697.35 |
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Fixed Assets |
32,750.38 |
43,667.18 |
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Other Assets |
49,500.00 |
49,500.00 |
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Total Assets |
21,832,524.99 |
18,274,864.53 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Trade Accts. Payable |
19,514,563.43 |
14,324,121.22 |
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Other Current Liabilities |
54,157.70 |
63,935.18 |
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Total Current
Liabilities |
19,568,721.13 |
14,388,056.40 |
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Total Liabilities |
19,568,721.13 |
14,388,056.40 |
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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 & 60,000 shares in 2006 & 2005 |
4,000,000.00 |
6,000,000.00 |
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Capital Paid |
4,000,000.00 |
6,000,000.00 |
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Retained Earning -
Unappropriated |
[1,736,196.14] |
[2,113,191.87] |
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Total
Shareholders' Equity |
2,263,803.86 |
3,886,808.13 |
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Total Liabilities &
Shareholders' Equity |
21,832,524.99 |
18,274,864.53 |
PROFIT & LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
31,050,351.32 |
27,365,311.98 |
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Gain on Exchange
Rate |
1,716,242.13 |
536,625.44 |
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Total Revenues
|
32,766,593.45 |
27,901,937.42 |
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Expenses |
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Cost of Goods
Sold |
29,890,250.84 |
26,044,828.71 |
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Selling & Administrative Expenses |
2,428,322.70 |
1,616,464.60 |
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Total Expenses |
32,318,573.54 |
27,661,293.31 |
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Profit / [Loss] Before Income
Tax |
448,019.91 |
240,644.11 |
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Income Tax |
[71,024.18] |
[105,334.73] |
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Net Profit / [Loss] |
376,995.73 |
135,309.38 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
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Net Sales |
13.47 |
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Operating Profit |
64.08 |
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Net Profit |
178.62 |
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Fixed Assets |
[25.00] |
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Total Assets |
19.47 |
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Profitability |
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Cost of Good
Sold |
96.26 |
95.17 |
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Operating Profit Margin |
1.44 |
0.88 |
|
S & A
Expenses |
7.82 |
5.91 |
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Other Revenues |
5.53 |
1.96 |
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Net Profit Margin |
1.21 |
0.49 |
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Earning Per Shares |
9.42 |
2.26 |
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No. of Shares |
40,000 |
60,000 |
Net Sales was
increased by 13.47%,
Operating Profit was
increased by 64.08%,
Net Profit was
increased by 178.62%,
Fixed Assets was
decreased by 25.00%,
Total Assets was
increased by 19.47%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 95.17%
to 96.26%, Operating
Profit Margin was
increased from 0.88%
to 1.44%, S
& A Expenses
was increased from
5.91% to 7.82%,
Other Revenues was
increased from 1.96%
to 5.53%, Net
Profit Margin was
increased from 0.49%
to 1.21%.
Earning Per Shares
was increased from
2.26 baht per
share to 9.42
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
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Current Ratio |
1.11 |
1.26 |
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Quick-Assets Ratio |
0.25 |
0.32 |
Current Ratio was
decreased from 1.26
to 1.11, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.32 to 0.25,
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 |
8.64 |
3.70 |
D/E Ratio was
increased from 3.70
to 8.64, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
948.09 |
626.68 |
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Total Assets Turnover |
1.42 |
1.50 |
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Return on Assets |
1.73 |
0.74 |
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Return on Equity |
16.65 |
3.48 |
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Day's Payable |
226.25 |
188.44 |
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Day’s Inventories |
195.42 |
177.96 |
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Day’s Receivables |
54.94 |
60.81 |
Fixed Assets Turnover
was increased from
626.68 times to
948.09 times, Total
Assets Turnover was
decreased from 1.50
times to 1.42
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was increased
from 0.74 to
1.73, Return on
Equity was increased
from 3.48 to
16.65, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 189
days to 227
days, and Day’s
Inventories was increased
from 178 days
to 196 days, while Day’s
Receivables was decreased
from 61 days
to 55 days.
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 |
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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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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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%)