MIRA
INFORM REPORT
|
Report Date : |
09.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
B.H.C.
DIAMONDS [THAI] CO., LTD. |
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Registered Office : |
Suite
513, 5th Floor,
Piyamitr Building, 99 Mahesak
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 : |
20.06.1996 |
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Com. Reg. No.: |
0105539068202 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributor and Exporter of Cutting Diamonds 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 of the company
B.H.C.
DIAMONDS [THAI] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : SUITE 513, 5th FLOOR,
PIYAMITR BUILDING,
99 MAHESAK
ROAD, SURIYAWONGSE, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2635-9079
FAX : [66] 2635-9078
E-MAIL
ADDRESS : bhcdia_thai@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1996
REGISTRATION NO. : 0105539068202
[Former : 1377/2539]
CAPITAL REGISTERED : BHT. 14,000,000
CAPITAL PAID-UP : BHT. 14,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
BHAVESHKUMAR PRAKASHKUMAR GANDHI,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : CUTTING DIAMONDS AND GEMSTONES
DISTRIBUTOR AND
EXPORTER
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 June 20,
1996 as a
private limited company
under the name
style B.H.C. DIAMONDS [THAI] CO., LTD., by Thai
and Indian groups,
in order to import
raw diamonds for cutting
process and sell
the finished products
to both local
and overseas markets.
It currently employs
5 staff.
The
subject’s registered address
is Suite 513,
5th Floor, Piyamitr
Building, 99 Mahesak
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age
|
|
|
|
|
|
Mr. Bhaveshkumar Prakashkumar Gandhi |
Indian |
33 |
|
Mrs. Seema Bhavesh
Gandhi |
Indian |
33 |
|
Mr. Mehta Setalkumar Kirankumar |
Indian |
31 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Bhaveshkumar Prakashkumar Gandhi is
the Managing Director.
He is Indian nationality with
the age of
33 years old.
BUSINESS OPERATIONS
The subject’s activities
are importer of
gemstones and raw
diamonds for cutting
process and distribute
as well as export the
finished products to overseas countries.
Raw diamonds have
been cut by
local factories.
IMPORT
90%
of raw diamonds and
gemstones are imported
from India, Russia,
South Africa, Hong
Kong and Japan,
the remaining 10%
are purchased from
local suppliers.
SALES
60% of finished products is
sold locally to
wholesalers and manufacturers.
EXPORT
40%
of finished products is
also exported to
Switzerland, Belgium,
United Kingdom, France,
Italy, India, United States of America, Hong Kong
and Japan.
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.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
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
on negotiated term.
Exports are against
T/T.
BUSINESS TRANSACTION
The products are
sold by cash
and credit, with the maximum credit given
at 30-60 days.
The subject is
not found to
have problem on
its account receivable.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
EMPLOYMENT
The
subject employs 5
staff [office and sales staff].
LOCATION DETAILS
The
premise is rented
for administrative office at
the heading address.
Premise is located
in commercial area.
COMMENT
The subject
performed moderate in 2005, as well as
2006 it had continued
increasing sales volume due to
demand of cutting diamonds in domestic and
international markets
remained strong. However,
the current market
slowdown from both
domestic and internationals has increasingly affected
to diamond and
gemstones consumption. Since
subject has served
jewelry industry, which
has reported sales
declines for several
months due to
dwindling consumer purchasing
power, its sales
has dropped from
the previous year,
as well as
expecting a further
decline for this
year.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 4,000,000 divided into
40,000 shares of Bht.
100 each.
The
capital was increased
later as follows:
Bht. 6,000,000
on November 30,
1999
Bht.
14,000,000 on August 11, 2004
The
latest registered capital
was increased to
Bht. 14,000,000 divided
into 140,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Bhaveshkumar Prakashkumar Gandhi Nationality: Indian Address : 99
Piyamitr Building, Mahesak
Rd.,
Suriyawongse, Bangrak, Bangkok 10500 |
28,000 |
20.00 |
|
Mr. Mehta
Setalkumar Kirankumar Nationality: Indian Address : 99
Piyamitr Building, Mahesak
Rd.,
Suriyawongse, Bangrak, Bangkok 10500 |
21,000 |
15.00 |
|
Mr. Prachan Narendra
Shah Nationality: Indian Address : 99
Piyamitr Building, Mahesak
Rd.,
Suriyawongse, Bangrak, Bangkok 10500 |
19,600 |
14.00 |
|
Ms. Sunatta
Yuanyee Nationality: Thai Address : 4/41
Utsahakam Rd., Sateng,
Muang, Yala |
17,850 |
12.75 |
|
Mr. Chod
Phochai Nationality: Thai Address : 108/1 Moo 1, Sompoi, Jaturas, Chaiyaphum |
17,850 |
12.75 |
|
Ms. Nuenglak
Nakcharoen Nationality: Thai Address : 926/5
Moo 12, Sukhumvit Rd.,
Bangna, Prakanong, Bangkok 10260 |
17,850 |
12.75 |
|
Ms. Duanrung
Chuasuwan Nationality: Thai Address : 94
Pravestai Rd., Bangmoonnak, Pijit |
17,850 |
12.75 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Surin Ruangpetch
No. 3741
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
8,603,083.44 |
94,222.15 |
|
Trade Accts. Receivable |
80,905,920.18 |
64,986,020.44 |
|
Inventories |
111,159,155.19 |
54,244,586.00 |
|
Other Current Assets
|
975,792.67 |
975,792.67 |
|
Total Current
Assets |
201,643,951.48 |
120,300,621.26 |
|
|
|
|
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Fixed Assets |
33,277.86 |
45,565.15 |
|
Other Assets |
24,900.00 |
24,900.00 |
|
Total Assets |
201,702,129.34 |
120,371,086.41 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Payable Loan from
Financial Institution |
24,725,032.58 |
2,090,659.77 |
|
Trade Accts. Payable |
153,553,04.23 |
83,381,645.04 |
|
Other Current Liabilities |
858,649.18 |
833,934.49 |
|
Total Current
Liabilities |
179,136,726.99 |
86,306,239.30 |
|
Payable Loan from
Financial Institution |
- |
14,005,539.09 |
|
Total Liabilities |
179,136,726.99 |
100,311,778.39 |
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Shareholders'
Equity |
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 140,000 shares |
14,000,000.00 |
14,000,000.00 |
|
Capital Paid |
14,000,000.00 |
14,000,000.00 |
|
Retained Earning -
Unappropriated |
8,565,402.35 |
6,059,308.02 |
|
Total
Shareholders' Equity |
22,565,402.35 |
20,059,308.02 |
|
Total
Liabilities & Shareholders' Equity |
201,702,129.34 |
120,371,086.41 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales Income |
227,394,627.54 |
184,791,799.75 |
|
Gain on Exchange Rate |
2,273,043.33 |
2,813,370.15 |
|
Total Revenues
|
229,667,670.87 |
187,605,169.90 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
218,524,006.45 |
179,396,245.31 |
|
Selling & Administrative Expenses |
6,265,009.53 |
4,972,351.97 |
|
Total Expenses |
224,789,015.98 |
184,368,597.28 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
4,878,654.89 |
3,266,572.62 |
|
Interest Expenses |
[1,250,560.59] |
[724,608.76] |
|
Income Tax |
[1,121,999.97] |
[791,649.08] |
|
Net Profit / [Loss] |
2,506,094.33 |
1,720,314.78 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
23.05 |
|
|
Operating Profit |
22.49 |
|
|
Net Profit |
45.68 |
|
|
Fixed Assets |
[26.97] |
|
|
Total Assets |
67.57 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
96.10 |
97.08 |
|
Operating Profit Margin |
2.15 |
1.75 |
|
S & A
Expenses |
2.76 |
2.69 |
|
Interest Paid |
0.55 |
0.39 |
|
Other Revenues |
1.00 |
1.52 |
|
Net Profit Margin |
1.10 |
0.93 |
|
Earning Per Shares |
17.90 |
12.29 |
|
No. of Shares |
140,000 |
140,000 |
Net Sales was
increased by 23.05%,
Operating Profit was
increased by 22.49%,
Net Profit was
increased by 45.68%,
Fixed Assets was
decreased by 26.97%,
Total Assets was
increased by 67.57%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 97.08%
to 96.10%, Operating
Profit Margin was
increased from 1.75%
to 2.15%, S
& A Expenses
was increased from
2.69% to 2.76%,
Interest Paid was increased
from 0.39% to
0.55%, Other Revenues
was decreased from
1.52% to 1.00%,
Net Profit Margin
was increased from
0.93% to 1.10%.
Earning Per Shares
was increased from
12.29 baht per
share to 17.90
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.13 |
1.39 |
|
Quick-Assets Ratio |
0.50 |
0.75 |
Current Ratio was
decreased from 1.39
to 1.13, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.75 to 0.50,
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 |
7.94 |
5.00 |
|
Times Interest Earned |
3.90 |
4.47 |
D/E Ratio was
increased from 5.00
to 7.94, 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
4.47 to 3.90,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
6,833.21 |
4,055.55 |
|
Total Assets Turnover |
1.13 |
1.54 |
|
Return on Assets |
1.24 |
1.43 |
|
Return on Equity |
11.11 |
8.58 |
|
Day's Payable |
243.10 |
162.44 |
|
Day’s Inventories |
175.98 |
105.68 |
|
Day’s Receivables |
128.09 |
126.60 |
Fixed Assets Turnover
was increased from
4,055.55 times to
6,833.21 times, Total
Assets Turnover was
decreased from 1.54
times to 1.13
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 1.43 to
1.24, Return on
Equity was increased
from 8.58 to
11.11, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 163
days to 244
days, Day’s Inventories
was increased from
106 days to
176 days, and
Day’s Receivables was
increased from 127
days to 129
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.13 |
|
UK Pound |
1 |
Rs.85.02 |
|
Euro |
1 |
Rs.67.77 |
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%)