MIRA
INFORM REPORT
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Report Date : |
28.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
DIAMRUSA
LIMITED |
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Formerly Known As : |
INDUSTRIAL DYESTUFF LIMITED |
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Registered Office : |
66/7-10 Soi Pramote
[Yesu], Surawong Road, Suriyawongse, Bangrak,
Bangkok 1 0500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
06.11.1981 |
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Com. Reg. No.: |
010552402664 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer , Exporter
and Distributor of Jewelry Products |
RATING &
COMMENTS
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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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
DIAMRUSA LIMITED
SUMMARY
BUSINESS
ADDRESS : 66/7-10 SOI PRAMOTE [YESU],
SURAWONG ROAD,
SURIYAWONGSE, BANGRAK,
BANGKOK 1 0500
TELEPHONE : [66] 2237-8825-30
FAX : [66] 2236-6248
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1981
REGISTRATION NO. : 0105524026649
[Former: 2663/2524]
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP : BHT. 50,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. SHAH SALIL SEVANTILALS, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 159
LINES
OF BUSINESS : JEWELRY PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The
subject was established
on November 6,
1981 as a
private limited company under the initially registered
name “Industrial Dyestuff Limited” by Thai and Indian
groups. On August
2, 1985, subject
was changed its
name to “Thai Add
Holding Limited” and
changed again to
be DIAMRUSA LIMITED
on October 3,
1986. The business
objective is a manufacturer various kinds of
jewelry products for domestic and export markets.
It currently employs
approximately 159 staff.
It
is an affiliated of Kanopas
Limited, which also
engaged in jewelry
business.
The
subject’s registered address
is 66/7-10 Surawong
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Shah Salil Sevantilals |
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Indian |
48 |
|
Mr. Samir Sevantilal Shah |
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Indian |
50 |
|
Ms. Wattana Jitjaicham |
|
Thai |
47 |
|
Ms. Oraporn Ajchanakulchai |
|
Thai |
51 |
|
Ms. Ratanaporn Pimthong |
|
Thai |
44 |
|
Ms. Supatra Phongsawadkul |
|
Thai |
42 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Shah Salil
Sevantilals is the Managing Director.
He is Indian nationality with
the age of
48 years old.
Mrs. Monticha Dithasaro
is the Purchasing Manager.
She is Thai nationality.
Ms. Wattana Jitjaicham
is the Sales & Marketing
Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject’s activities
are designer, manufacturer, exporter and wholesaler
of elegant jewelry
and precious stones,
mainly 14k and
18k fine gold
and platinum jewelry
set with diamonds
and other precious
stones and pearls,
under its owned brand
name “DIAMRUSA” as
well as customer’s own brands. The
subject is also a
distributor of precious
stones.
PURCHASE
Raw materials, mainly
diamond, precious stones,
pearls and component
are purchased from
suppliers both domestic
and overseas, mainly
India, Belgium, South
Africa and Hong
Kong.
EXPORT
98%
of the products is exported
to Europe, United
States of America,
Hong Kong, Japan,
India, Korea, Malaysia,
Indonesia, Singapore and
Middle East countries.
SALES
2% of the products
is sold locally
to wholesalers.
PARENT COMPANY
Kanopas Limited : Thailand
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
L/C at sight or T/T.
BANKER
Deutsche Bank
AG.
[Bangkok Office :
208 Wireless Rd.,
Lumpini, Pathumwan, Bangkok]
Krung Thai
Bank Public Co.,
Ltd.
[Head Office :
35 Sukhumvit Rd.,
Klongtoey, Bangkok]
Bangkok Bank
Public Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok]
EMPLOYMENT
The
subject employs 159
office staff and
factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office
and showroom, in
3 storey building
of 4 row shop houses at the
heading address. Premise
is located in
a prime commercial
area.
COMMENT
The subject manufactures of fine
jewelry products made from
gold and platinum
with diamond and
precious stones. Most
of its products are
supplied to international buyers. It
is also distributor of precious stones, which has strong
demand from local market.
Since
its establishment in
1986, the subject has captured
a worldwide market
as designer, manufacturer, exporter and wholesaler
of elegant jewelry
and precious stone.
It presents a
wide range of
exclusive high-end pieces
as well as
chic jewelry in
commercial price ranges.
These are created
with unique and
innovative designs in
modern concepts, delicate
antique reproductions and
mysterious invisible settings.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 1,000 shares
of Bht. 1,000
each.
The
capital was increased
later as following:
Bht.
3,000,000 on October
3, 1986
Bht. 15,000,000 on April
24, 1989
Bht.
25,000,000 on June
23, 1989
Bht.
50,000,000 on January
18, 1993
The
latest registered capital
was increased to
Bht. 50,000,000 divided
into 50,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2007]
|
NAME |
HOLDING |
% |
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Kanopas Limited Nationality: Thai Address : 66/4
Surawong Rd., Suriyawongse,
Bangrak, Bangkok |
37,597 |
75.20 |
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Mr. Shah Salil
Sevantilals Nationality: Indian Address : 73/35
South Sathorn Rd.,
Thungmahamek,
Sathorn, Bangkok |
6,000 |
12.00 |
|
Mr. Samir Sevantilals Shah Nationality: Indian Address : 57/29
Thungmahamek, Sathorn, Bangkok |
6,000 |
12.00 |
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Ms. Wattana Jitjaicham Nationality: Thai Address : 160/586-8
Silom Rd., Suriyawongse,
Bangrak, Bangkok |
400 |
0.80 |
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Ms. Supatra Phongsawadkul Nationality: Thai Address : 51/164
Moo 1, Nongkaem,
Bangkok |
1 |
- |
|
Ms.
Ratanaporn Pimthong Nationality: Thai Address : 160/586-8
Silom Rd., Suriyawongse,
Bangrak, Bangkok |
1 |
- |
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Ms. Oraporn Ajchanakulchai Nationality: Thai Address : 9/203
Moo 7, Puthabucha Rd., Bangmod, Jomthong,
Bangkok |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Sumalee Sribioonrueng
No. 3146
BALANCE SHEET [BAHT]
The latest financial figures published as at
December 31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
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Cash in hand
& at Bank
|
1,042,501.54 |
9,993,106.29 |
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Trade Accts. Receivable |
282,916,445.32 |
289,834,275.57 |
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Inventories |
543,668,515.06 |
496,821,074.24 |
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Other Current Assets
|
7,867,561.41 |
7,639,801.70 |
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Total Current
Assets |
835,495,023.33 |
804,288,257.80 |
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Fixed Assets |
52,224,373.15 |
49,393,288.38 |
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Other Assets |
12,205,117.44 |
17,098,132.16 |
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Total Assets |
899,924,513.92 |
870,779,678.34 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
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Bank Overdraft |
81,174,840.39 |
29,273,073.45 |
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Loan from Bank |
475,075,798.28 |
420,652,693.15 |
|
Current Portion of
Long-term Loan |
- |
17,000,000.00 |
|
Trade Accts. Payable |
145,553,530.57 |
154,474,524.18 |
|
Advance Income |
3,734,585.60 |
1,785,890.88 |
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Accrued Expenses |
39,386,152.43 |
30,140,576.64 |
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Rental Deposit |
180,000.00 |
180,000.00 |
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Total Current
Liabilities |
745,104,907.27 |
653,506,758.30 |
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Loan from Directors |
- |
54,000,000.00 |
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Long-term Liabilities |
- |
3,000,000.00 |
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Total Liabilities |
745,104,907.27 |
710,506,758.30 |
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Shareholders'
Equity |
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 50,000 shares |
50,000,000.00 |
50,000,000.00 |
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Capital Paid |
50,000,000.00 |
50,000,000.00 |
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Surplus on Share
Capital |
15,557,999.00 |
12,538,563.11 |
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Retained Earning Appropriated for
Statutory Reserve |
5,000,000.00 |
5,000,000.00 |
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Unappropriated |
84,261,607.65 |
92,734,356.93 |
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Total
Shareholders' Equity |
154,819,606.65 |
160,272,920.04 |
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Total
Liabilities & Shareholders' Equity |
899,924,513.92 |
870,779,678.34 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales |
688,898,425.15 |
715,144,944.04 |
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Gain on Exchange
Rate |
- |
5,579,895.41 |
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Other Income |
1,262,163.39 |
446,451.68 |
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Total Revenues
|
690,160,588.54 |
721,171,291.13 |
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Expenses |
|
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Cost of Goods
Sold |
560,482,066.55 |
593,893,871.45 |
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Selling & Administrative Expenses |
64,371,821.88 |
69,827,779.07 |
|
Financial Expenses |
32,193,419.45 |
18,958,438.99 |
|
Loss on Exchange
Rate |
9,412,441.86 |
- |
|
Income Tax |
7,173,588.08 |
11,697,598.40 |
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Total Expenses |
673,633,337.82 |
694,377,687.91 |
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Net Profit / [Loss] |
16,527,250.72 |
26,793,603.22 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[3.67] |
|
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Operating Profit |
18.01 |
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Net Profit |
[38.32] |
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Fixed Assets |
5.73 |
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Total Assets |
3.35 |
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Profitability |
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Cost of Good
Sold |
81.36 |
83.05 |
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Operating Profit Margin |
9.48 |
8.03 |
|
S & A
Expenses |
9.34 |
9.76 |
|
Interest Paid |
4.67 |
2.65 |
|
Other Revenues |
0.18 |
0.84 |
|
Net Profit Margin |
2.40 |
3.75 |
|
Earning Per Shares |
330.55 |
535.87 |
|
No. of Shares |
50,000 |
50,000 |
Net Sales was
decreased by 3.67%,
Operating Profit was
increased by 18.01%,
Net Profit was
decreased by 38.32%,
Fixed Assets was
increased by 5.73%,
Total Assets was
increased by 3.35%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 83.05%
to 81.36%, Operating
Profit Margin was
increased from 8.03%
to 9.48%, S
& A Expenses
was decreased from
9.76% to 9.34%,
Interest Paid was increased
from 2.65% to
4.67%, Other Revenues
was decreased from
0.84% to 0.18%,
Net Profit Margin
was decreased from
3.75% to 2.40%.
Earning Per Shares
was decreased from
535.87 baht per
share to 330.55
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.12 |
1.23 |
|
Quick-Assets Ratio |
0.38 |
0.46 |
Current Ratio was
decreased from 1.23
to 1.12, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.46 to 0.38,
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 |
4.81 |
4.43 |
|
Times Interest Earned |
2.03 |
3.03 |
D/E Ratio was
increased from 4.43
to 4.81, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high, Times
Interest Earned was
decreased from 3.03
to 2.03, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
13.19 |
14.48 |
|
Total Assets Turnover |
0.77 |
0.82 |
|
Return on Assets |
1.84 |
3.08 |
|
Return on Equity |
10.68 |
16.72 |
|
Day's Payable |
76.06 |
77.76 |
|
Day’s Inventories |
284.11 |
250.10 |
|
Day’s Receivables |
147.84 |
145.90 |
Fixed Assets Turnover
was decreased from
14.48 times to
13.19 times, Total
Assets Turnover was
decreased from 0.82
times to 0.77
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 3.08 to
1.84, Return on
Equity was decreased
from 16.72 to 10.68, capacity
to use Assets to make
profit was good.
Day's Payable was
decreased from 78
days to 77
days, while Day’s
Inventories was increased
from 251 days
to 285 days, and Day’s
Receivables was increased
from 146 days
to 148 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 |
|
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 |
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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%)