MIRA
INFORM REPORT
|
Report Date : |
17.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHREEJI DIAMOND CO LTD |
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Registered Office : |
Suite 403, 5th Floor,
J. K. Building, 4-6
Mahaesak 3 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 : |
2000 |
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Com. Reg. No.: |
0105543011112 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer, Distributor and
Exporter of Diamond |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
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 : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name
SHREEJI
DIAMOND CO., LTD.
SUMMARY
BUSINESS ADDRESS : SUITE 403, 5th FLOOR,
J. K. BUILDING,
4-6 MAHAESAK 3
ROAD, SURIYAWONGSE,
BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2635-6343, 2657-6536
FAX : [66] 2635-6344
E-MAIL ADDRESS : shree@shreejidiamond.com, info@shreejidiamond.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION NO.
: 0105543011112
CAPITAL
REGISTERED : BHT.
10,000,000
CAPITAL
PAID-UP : BHT.
10,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. BHIKADIA PRAGJIBHAI
TALSHIBHAI, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 5
LINES OF
BUSINESS : DIAMOND 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 February 1,
2000 as a
private limited company under the name style
SHREEJI DIAMOND CO.,
LTD., by Thai
and Indian groups,
with the objective
to engage in
diamond trading business.
It currently employs 5 staff.
The
subject’s registered address
is 4-6 Mahaesak 3 Rd., Suriyawongse, Bangrak, Bangkok 10500,
and this is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
Mr. Bhikadia Pragjibhai Talshibhai
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Bhikadia Pragjibhai
Talshibhai is the Managing Director.
He is Indian nationality with
the age of
42 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and re-exporting of diamond in
various shapes and
sizes, such as
round, rectangular, princess
cut, oval, heart, baguette,
marquise and etc.
PURCHASE
The products are
purchased from suppliers
both in domestic
and overseas, mainly
in India and
Africa.
SALES
The products are
sold to customer
both locally and
overseas, mainly in
India, Hong Kong,
Japan and U.S.A.
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.
BANKING
Kasikornbank Public Co.,
Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 5
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a prime
commercial area.
COMMENT
Diamond
consumption from jewelry
production industry is likely
to slowdown from
decline consumption of
jewelry products in
domestic market.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000 divided into
40,000 shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 7,000,000 on August 29,
2002
Bht. 10,000,000
on December 21,
2004
The
latest registered capital
was increased to
Bht. 10,000,000 divided into
100,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr.
Bhikadia Pragjibhai Talshibhai Nationality: Indian Address : 4-6
Mahaesak 3 Rd.,
Suriyawongse,
Bangrak, Bangkok |
38,000 |
38.00 |
|
Mr.
Damrongphol Kraiklay Nationality: Thai Address : 2
Moo 6, Bangraknoi, Muang, Nonthaburi |
15,000 |
15.00 |
|
Ms.
Saengduen Uacharoen Nationality: Thai Address : 150
Moo 3, Taphraya,
Srakaew |
15,000 |
15.00 |
|
Mr. Pratuan Pakdeesuk Nationality: Thai Address : 3
Moo 8, Wanghamhae, Khanuvoralakburi,
Kampaengpetch |
15,000 |
15.00 |
|
Mrs. Nipa Noosuwan Nationality: Thai Address : 923/60
Ekachai Rd., Mahachai,
Muang, Samutsakorn |
15,000 |
15.00 |
|
Mrs.
Bavaraben Pragjibhai Nationality: Indian Address : 4-6
Mahaesak 3 Rd.,
Suriyawongse,
Bangrak, Bangkok |
1,000 |
1.00 |
|
Mrs.
Bukdaben Rameshbhai Hihoriya Nationality: Indian Address : 4-6
Mahaesak 3 Rd.,
Suriyawongse, Bangrak,
Bangkok |
1,000 |
1.00 |
Total Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO
Mrs. Wasana Tanmongkol No. 1888
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
867,198.97 |
977,138.14 |
|
Trade Accts. Receivable |
9,788,408.27 |
9,648,535.16 |
|
Inventories |
4,077,275.00 |
6,818,692.35 |
|
Other Current Assets
|
4,000.00 |
56,492.51 |
|
Total Current
Assets |
14,736,882.24 |
17,500,858.16 |
|
|
|
|
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Fixed Assets |
5,548,371.06 |
5,524,251.46 |
|
Total Assets |
20,285,253.30 |
23,025,109.62 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
807,058.20 |
2,420,079.99 |
|
Loan Directors |
6,090,000.00 |
5,900,000.00 |
|
Other Current Liabilities |
635,675.20 |
86,604.11 |
|
Total Current
Liabilities |
7,532,733.40 |
8,406,684.10 |
|
Long Term Loan |
3,722,989.11 |
4,754,914.94 |
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Total Liabilities |
11,255,722.51 |
13,161,599.04 |
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Shareholders'
Equity |
|
|
|
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning -
Unappropriated |
[970,469.21] |
[136,489.42] |
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Total
Shareholders' Equity |
9,029,530.79 |
9,863,510.58 |
|
Total
Liabilities & Shareholders' Equity |
20,285,253.30 |
23,025,109.62 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales |
15,434,708.75 |
15,094,467.04 |
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Other Income |
240,100.63 |
128,641.15 |
|
Total Revenues
|
15,674,809.38 |
15,223,108.19 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
12,500,256.35 |
12,646,689.21 |
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Selling & Administrative Expenses |
3,261,976.03 |
2,414,104.13 |
|
Loss on Exchange
Rate |
412,321.75 |
- |
|
Total Expenses |
16,174,554.13 |
15,060,793.34 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
[499,744.75] |
162,314.85 |
|
Interest Expenses |
[380,474.17] |
[350,546.44] |
|
Income Tax |
[111,281.72] |
[89,118.56] |
|
Net Profit / [Loss] |
[991,500.64] |
[277,350.15] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
2.25 |
|
|
Operating Profit |
[152.67] |
|
|
Net Profit |
[257.49] |
|
|
Fixed Assets |
0.44 |
|
|
Total Assets |
[11.90] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
80.99 |
83.78 |
|
Operating Profit Margin |
[0.57] |
1.08 |
|
S & A
Expenses |
21.13 |
15.99 |
|
Interest Paid |
2.47 |
2.32 |
|
Other Revenues |
1.56 |
0.85 |
|
Net Profit Margin |
[6.42] |
[1.84] |
|
Earning Per Shares |
[9.92] |
[2.77] |
|
No. of Shares |
100,000 |
100,000 |
Net Sales was
increased by 2.25%,
Operating Profit was
decreased by 152.67%,
Net Profit was
decreased by 257.49%,
Fixed Assets was
increased by 0.44%,
Total Assets was
decreased by 11.90%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 83.78%
to 80.99%, Operating
Profit Margin was
decreased from 1.08%
to -0.57%, S &
A Expenses was
increased from 15.99%
to 21.13%, Interest Paid was increased from
2.32% to 2.47%,
Other Revenues was
increased from 0.85%
to 1.56%, Net
Profit Margin was
decreased from -1.84%
to -6.42%.
Earning Per Shares
was decreased from
-2.77 baht per
share to -9.92
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.96 |
2.08 |
|
Quick-Assets Ratio |
1.41 |
1.26 |
Current Ratio was
decreased from 2.08
to 1.96, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.26 to 1.41,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
1.25 |
1.33 |
|
Times Interest Earned |
[0.23] |
0.46 |
D/E Ratio was
decreased from 1.33
to 1.25, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
0.46 to -0.23,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
2.78 |
2.73 |
|
Total Assets Turnover |
0.76 |
0.66 |
|
Return on Assets |
[4.89] |
[1.20] |
|
Return on Equity |
[10.98] |
[2.81] |
|
Day's Payable |
18.82 |
57.72 |
|
Day’s Inventories |
95.10 |
162.62 |
|
Day’s Receivables |
228.31 |
230.12 |
Fixed Assets Turnover
was increased from
2.73 times to
2.78 times, Total
Assets Turnover was
increased from 0.66
times to 0.76
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
-1.20 to -4.89,
Return on Equity
was decreased from
-2.81 to -10.98,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
decreased from 58
days to 19 days, Day’s Inventories
was decreased from
163 days to
96 days, and
Day’s Receivables was
decreased from 231
days to 229
days.
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%)