MIRA
INFORM REPORT
|
Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
VYAS ENTERPRISE CO., LTD. |
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Registered Office : |
31st Floor, ITF-Silom
Palace Building, 160/797
Silom Road, Suriyawongse, 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 : |
23.01.1998 |
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Com. Reg. No.: |
0105541004798 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Jewelry Products |
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 of the company
VYAS ENTERPRISE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 31st FLOOR,
ITF-SILOM PALACE BUILDING,
160/797 SILOM
ROAD, SURIYAWONGSE,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2634-4435-6
FAX : [66] 2634-4436
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION NO. : 0105541004798
[Former : 76/2541]
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT. 2,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. TEJAS GIRISH VYAS, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 2
LINES
OF BUSINESS : JEWELRY PRODUCTS
IMPORTER AND
EXPORTER
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 January 23,
1998 as a
private limited company under the name style
VYAS ENTERPRISE CO.,
LTD., by Thai
and Indian groups,
with the objective
to operate in
jewelry trading business.
It currently employs 2
staff.
The
subject’s registered address
is 160/797 ITF-Silom
Palace Bldg., Silom
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Tejas Girish
Vyas
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Tejas Girish Vyas is
the Managing Director.
He is Indian nationality with
the age of 36 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
of diamond, gemstone
and jewelry products.
PURCHASE
The products are
purchased from suppliers
both in domestic
and overseas, mainly
in India.
SALES
The products is
sold and supplied
to customers both
local and overseas,
such as India,
Hong Kong and
Singapore.
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
T/T.
Export are against
T/T.
BANKING
The subject was
not disclosed its
banker’s name.
EMPLOYMENT
The
subject employs 2
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a prime
commercial area.
COMMENT
Market
outlook of jewelry
products including diamond, precious stone, semi-precious stone have dramatically dropped in several
months. Jewelry sector
has reported sales
declined during the
last 12 months
due to dwindling consumer purchasing
power caused by economic
uncertainty, higher oil prices,
living expenses increased as
well as political
instability.
Subject
has also faced with
delay and suspend
purchasing contract from
wholesale market as well
as retail sales
has also further
declined since the
previous year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into 20,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 17,
2007]
|
NAME |
HOLDING |
% |
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|
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Mrs. Jikna Tejas
Vyas Nationality: Indian Address : 297 Surawong Rd., Suriyawongse, Bangrak, Bangkok |
9,800 |
49.00 |
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Mrs.
Kannika Ratanasiriwattanakul Nationality: Thai Address : 235
Issaraphap Rd., Wad-aroon,
Bangkokyai, Bangkok |
2,200 |
11.00 |
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Ms. Maliwan Khan Nationality: Thai Address : 235
Issaraphap Rd., Wad-aroon,
Bangkokyai, Bangkok |
1,600 |
8.00 |
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Ms.
Orachorn Mahamad Nationality: Thai Address : 113
Moo 5, Napho,
Sawee, Chumporn |
1,600 |
8.00 |
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Ms. Sunetta Yuanyee Nationality: Thai Address : 4/41
Utsahakam Rd., Sateng,
Muang, Yala |
1,600 |
8.00 |
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Ms. Sarorta Eyong Nationality: Thai Address : 152
Moo 5, Kalicha,
Rangae, Narathiwas |
1,600 |
8.00 |
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Ms. Wanphen Kongkaew Nationality: Thai Address : 67
Krungkasem Rd., Mahanark,
Pomprab, Bangkok |
1,600 |
8.00 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Jate Supatranam No. 1382
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
|
17,727.30 |
31,432.80 |
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Trade Accts. Receivable |
2,513,700.02 |
1,689,780.00 |
|
Inventories |
3,933,860.39 |
1,971,401.43 |
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Other Current Assets
|
61,560.56 |
61,560.56 |
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Total Current
Assets |
6,526,848.27 |
3,754,174.79 |
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Fixed Assets |
21,244.48 |
- |
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Guarantee |
13,500.00 |
13,500.00 |
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Total Assets |
6,561,592.75 |
3,767,674.79 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
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Trade Accts. Payable |
5,398,829.07 |
2,714,302.22 |
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Other Current Liabilities |
20,286.45 |
15,708.72 |
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Total Current
Liabilities |
5,419,115.52 |
2,730,010.94 |
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Total Liabilities |
5,419,115.52 |
2,730,010.94 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
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Capital Paid |
2,000,000.00 |
2,000,000.00 |
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Retained Earning -
Unappropriated |
[857,522.77] |
[962,336.15] |
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Total
Shareholders' Equity |
1,142,477.23 |
1,037,663.85 |
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Total
Liabilities & Shareholders' Equity |
6,561,592.75 |
3,767,674.79 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales Income |
8,506,256.97 |
10,827,385.41 |
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Gain on Exchange Rate |
90,397.42 |
- |
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Total Revenues
|
8,596,654.39 |
10,827,385.41 |
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Expenses |
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Cost of Goods
Sold |
7,684,919.20 |
9,772,966.18 |
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Selling & Administrative Expenses |
786,635.17 |
882,598.08 |
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Total Expenses |
8,471,554.37 |
10,655,564.26 |
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Profit / [Loss] Before Income
Tax |
125,100.02 |
171,821.15 |
|
Income Tax |
[20,286.64] |
[26,590.60] |
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Net Profit / [Loss] |
104,813.38 |
145,230.55 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[21.44] |
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Operating Profit |
[7.32] |
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Net Profit |
[27.83] |
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Total Assets |
74.15 |
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Profitability |
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Cost of Good
Sold |
90.34 |
90.26 |
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Operating Profit Margin |
1.47 |
1.59 |
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S & A
Expenses |
9.25 |
8.15 |
|
Other Revenues |
1.06 |
0.00 |
|
Net Profit Margin |
1.23 |
1.34 |
|
Earning Per Shares |
5.24 |
7.26 |
|
No. of Shares |
20,000 |
20,000 |
Net Sales was
decreased by 21.44%,
Operating Profit was
decreased by 7.32%,
Net Profit was
decreased by 27.83%,
Total Assets was
increased by 74.15%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 90.26%
to 90.34%, Operating
Profit Margin was
decreased from 1.59%
to 1.47%, S
& A Expenses
was increased from
8.15% to 9.25%,
Other Revenues was
increased from 0.00%
to 1.06%, Net
Profit Margin was
decreased from 1.34%
to 1.23%.
Earning Per Shares
was decreased from
7.26 baht per
share to 5.24
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.20 |
1.38 |
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Quick-Assets Ratio |
0.47 |
0.63 |
Current Ratio was
decreased from 1.38
to 1.20, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.63 to 0.47,
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 |
4.74 |
2.63 |
D/E Ratio was
increased from 2.63
to 4.74, 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 |
400.40 |
0.00 |
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Total Assets Turnover |
1.30 |
2.87 |
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Return on Assets |
1.60 |
3.85 |
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Return on Equity |
9.17 |
14.00 |
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Day's Payable |
228.49 |
90.25 |
|
Day’s Inventories |
166.49 |
65.55 |
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Day’s Receivables |
106.38 |
56.18 |
Fixed Assets Turnover
was increased from
0.00 times to
400.40 times, Total
Assets Turnover was
decreased from 2.87
times to 1.30
times, show the
company could use
Fixed Assets so efficiently, Return on
Assets was decreased
from 3.85 to
1.60, Return on
Equity was decreased
from 14.00 to
9.17, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 91
days to 229
days, Day’s Inventories
was increased from
66 days to
167 days, and
Day’s Receivables was
increased from 57
days to 107
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.72 |
|
UK Pound |
1 |
Rs.84.42 |
|
Euro |
1 |
Rs.67.38 |
RATING
EXPLANATIONS
|
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 |
|
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%)