MIRA
INFORM REPORT
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Report Date : |
15.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
S S DIAM CO
LTD |
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Registered Office : |
Unit E2, 11th Floor, Bangkok Gems & Jewellery Tower, 322/16 Surawong Road, Siphya, 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 : |
2006 |
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Com. Reg. No.: |
0105549063670 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Diamonds and Gemstones Importer and Distributor. |
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 : |
New and Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of the Company
S S DIAM CO LTD
SUMMARY
BUSINESS ADDRESS : UNIT
E2, 11th FLOOR,
BANGKOK GEMS
& JEWELLERY TOWER,
322/16 SURAWONG
ROAD, SIPHYA, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2235-3868
FAX : [66] 2235-3868
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2006
REGISTRATION NO.
: 0105549063670
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. SHAILESH KUMAR
CHAMPAKLAL MODI, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 3
LINES OF
BUSINESS : DIAMONDS AND GEMSTONES
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on May 24, 2006 as
a private limited
company under the
name style S. S.
DIAM CO., LTD.,
by Thai and Indian
groups, with the
business objective to
import and distribute
diamonds and gemstones
for jewelry business.
It currently employs
3 staff.
The
subject’s registered address
is Unit E2,
11th Floor,
Bangkok Gems and
Jewelry Tower, 322/16
Surawong Rd., Siphya,
Bangrak, Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
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Name |
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Nationality |
Age |
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Mr. Shailesh Kumar Champaklal Modi |
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Indian |
48 |
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Mr. Jenish Pravinchan Shah |
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Indian |
24 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Shailesh Kumar
Champaklal Modi is
the Managing Director
He is Indian nationality with
the age of
48 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
diamonds and gemstones
for jewelry business.
IMPORT
100%
of the products is imported
from India and
South Africa.
SALES
The products are
sold locally by
wholesale to traders
and manufacturers.
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 credit term
of 30 days.
Imports are by
L/C at sight or T/T.
BANKING
The banker’s name
was not disclosed.
EMPLOYMENT
The
subject employs 3
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a prime
commercial area.
COMMENT
Market
of diamond and
gemstones were slow
from decline consumption. The subject’s sales
remains low. Its
first year operation
is still slower
than expected because
of slow consumption
in domestic market.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000 divided into 40,000 shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at October 29,
2007]
|
NAME |
HOLDING |
% |
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Mr. Shailesh Kumar Champaklal Modi
Nationality: Indian Address : 322/16 Surawong
Rd., Siphya, Bangrak,
Bangkok |
13,000 |
32.50 |
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Mr. Jenish Pravinchan Shah Nationality: Indian Address : 322/16 Surawong
Rd., Siphya, Bangrak,
Bangkok |
6,600 |
16.50 |
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Mr.
Chairith Vasinsombat Nationality: Thai Address : 42/46 Moo
17, Salathammasop,
Taweewattana, Bangkok |
4,400 |
11.00 |
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Ms. Rudee Chaloke Nationality: Thai Address : 99/6 Moo
3, Krasaeng, Samkok,
Pathumthani |
4,000 |
10.00 |
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Ms.
Savitree Mahamad Nationality: Thai Address : 43/1 Moo
4, Klongnueng, Klongluang, Pathumthani |
4,000 |
10.00 |
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Ms. Pia Nirongbutra Nationality: Thai Address : 1/5 Moo
10, Dantako, Jombueng,
Ratchburi |
4,000 |
10.00 |
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Mr. Pitipat Ratanakiat Nationality: Thai Address : 41/8 Moo
10, Ladprao, Bangkok |
4,000 |
10.00 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mrs. Wasana Tanmongkol No.
1868
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 was:
ASSETS
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Current Assets |
2006 |
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Cash in hand
& at Bank
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100,623.05 |
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Trade Accts. Receivable |
2,158,543.66 |
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Inventories |
1,038,067.72 |
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Other Current Assets
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1,633,733.95 |
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Total Current
Assets |
5,930,968.38 |
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Fixed Assets |
48,961.86 |
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Total Assets |
5,979,930.24 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2006 |
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Trade Accts. Payable |
2,248,785.31 |
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Other Current Liabilities |
15,177.15 |
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Total Current
Liabilities |
2,263,962.46 |
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Total Liabilities |
2,263,962.46 |
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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 shares |
4,000,000.00 |
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Capital Paid |
4,000,000.00 |
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Retained Earning -
Unappropriated |
[284,032.22] |
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Total
Shareholders' Equity |
3,715,967.78 |
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Total
Liabilities & Shareholders' Equity |
5,979,930.24 |
PROFIT & LOSS ACCOUNT
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Revenue |
2006 |
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Sales |
2,386,614.12 |
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Other Income |
49,216.17 |
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Total Revenues
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2,435,830.29 |
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Expenses |
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Cost of Goods
Sold |
2,093,035.06 |
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Selling & Administrative Expenses |
623,550.35 |
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Total Expenses |
2,716,585.41 |
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Profit / [Loss] Before Income
Tax |
[280,755.15] |
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Income Tax |
[3,277.10] |
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Net Profit / [Loss] |
[284,032.22] |
FINANCIAL ANALYSIS
Profitability
|
Profitability |
2006 |
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Cost of Good
Sold |
87.70 |
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Operating Profit Margin |
[11.76] |
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S & A
Expenses |
26.13 |
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Other Revenues |
2.06 |
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Net Profit Margin |
[11.90] |
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Earning Per Shares |
[7.10] |
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No. of Shares |
40,000 |
Compare each cost
with sales, Cost of
Good Sold was
87.70%, Operating Profit
Margin was -11.76%,
S & A Expenses was
26.13%, Other Revenues
was 2.06%, Net
Profit Margin was
-11.90%.
Earning Per Shares
was -7.10 baht
per share.
Liquidity
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Liquidity |
2006 |
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Current Ratio |
2.62 |
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Quick-Assets Ratio |
1.44 |
Current Ratio was
2.62, show Current
Assets can cover
Current Liabilities, Liquidity
Ratio of the
company was good,
Quick-Assets Ratio was
1.44, capacity to
pay Short Term
Loan was good
too, because Current
Assets without Inventory
can cover Current
Liabilities.
Leverage
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Leverage |
2006 |
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D/E Ratio |
0.61 |
D/E Ratio was
0.61, show the
company had fund
from Equity more
than fund from
Loan, investment risked
of the company is low.
Efficiency
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Efficiency |
2006 |
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Fixed Assets Turnover |
48.74 |
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Total Assets Turnover |
0.40 |
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Return on Assets |
[4.75] |
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Return on Equity |
[7.64] |
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Day's Payable |
339.21 |
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Day’s Inventories |
156.58 |
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Day’s Receivables |
325.60 |
Fixed Assets Turnover
was 48.74 times,
Total Assets Turnover
was 0.40 times,
show the company
could use Assets
so efficiently, Return
on Assets was
-4.75, Return on
Equity was -7.64,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
340 days, Day’s
Inventories was 157
days, and Day’s
Receivables was 326
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 |
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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 |
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<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%)