MIRA
INFORM REPORT
|
Report Date : |
12.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NEEL STAR
CO., LTD. |
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Registered Office : |
Room E-1, 11th Floor, Bangkok Gems
& Jewelry Bulding, 322/16
Surawong Road, Siphraya, 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 : |
18.02.1997 |
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Com. Reg. No.: |
0105540017233 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and
Exporter of Diamonds and Jewelry
Products |
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
NEEL
STAR CO., LTD.
SUMMARY
BUSINESS
ADDRESS : ROOM
E-1, 11th FLOOR,
BANGKOK GEMS &
JEWELRY BULDING,
322/16 SURAWONG ROAD,
SIPHRAYA, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2631-4107,
081 639-2585
FAX :
[66] 2631-4108
E-MAIL
ADDRESS : neelstar@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1997
REGISTRATION NO. : 0105540017233
[Former : 252/2540]
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. PARESHKUMAR MANILAL
MEHTA, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES OF BUSINESS : DIAMONDS AND JEWELRY PRODUCTS
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 18,
1997 as a
private limited company under the name style
NEEL STAR CO.,
LTD., by Thai and Indian groups, in order
to operate a
jewelry trading business.
It currently employs
3 staff.
The
subject’s registered address
was initially located
at 297 Wanglee
Bldg., Surawong Rd.,
Suriyawongse, Bangrak, Bangkok
10500.
On
May 22, 2006,
the subject’s registered
address was relocated
to 322/16 Bangkok
Gem & Jewelry Bldg., Surawong
Rd., Siphraya, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
Name Nationality Age
Mr. Pareshkumar Manilal
Mehta Indian 43
Mr. Jimi Hasmukhbhai
Shah Indian 25
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Pareshkumar Manilal Mehta
is the Managing Director.
He is Indian nationality with
the age of
43 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
of gemstones, diamonds
and jewelry products.
PURCHASE
The products are
purchased from suppliers
both local and
overseas, mainly in
India, Pakistan, and
Africa.
SALES
The products are
sold locally to
traders, manufacturers and
end-users.
EXPORT
The products are exported to India, Hong
Kong, Japan and
United States of America.
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 credit term
of 30 days.
Imports are by
L/C at sight or T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
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
Thai
jewelry industry including
diamond and precious
stones trading are
likely slowdown from
economic uncertainty and
decline purchasing power.
Subject main customers are jewelry shops and jewelry
factories, which have been affected from rising operating
costs and shrinking
purchasing power from
local consumers.
This would
lead to slow
sales and expansion
limited to subject’s business.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
2,000,000 divided into 20,000 shares of Bht. 100
each.
On
March 1, 2005,
the capital was
increased to Bht. 4,000,000 divided into 40,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at December 3,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr.
Pareshkumar Manilal Mehta Nationality: Indian Address : Walchad,
India |
19,600 |
49.00 |
|
Mrs. Vallapa
Siamvala Nationality: Thai Address : 74/66 Sap
Rd., Siphya, Bangrak,
Bangkok |
3,400 |
8.50 |
|
Mr. Ekachai Chommanee Nationality: Thai Address : 36/49
Moo 1, Pracha-uthit Rd.,
Tungkru, Bangkok |
3,400 |
8.50 |
|
Mr. Rat
Chanthongthip Nationality: Thai Address : 28
Moo 4, Kudpladuk, King A.
Chuenchom, Mahasarakham |
3,400 |
8.50 |
|
Mr. Nuh Denmalai Nationality: Thai Address : 25
Moo 2, Lamnampud, Muang, Pang-nga |
3,400 |
8.50 |
|
Mr. Kairudin Hayeemanu Nationality: Thai Address : 167/1
Moo 2, Waeng,
Narathiwas |
3,400 |
8.50 |
|
Mr. Natree Kajee Nationality: Thai Address : 151
Moo 7, Tanyongmas, Ra-ngae, Narathiwas |
3,400 |
8.50 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Sophon Pholvilai
No. 1408
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
24,365.74 |
528,130.26 |
|
Trade Accts. Receivable |
4,545,622.07 |
2,504,424.57 |
|
Receivable-Revenue Department |
- |
7,202.01 |
|
Inventories |
7,176,763.25 |
3,339,133.45 |
|
Other Current Assets
|
949.31 |
949.31 |
|
Total Current
Assets |
11,747,700.37 |
6,379,839.60 |
|
|
|
|
|
Fixed Assets |
5,957.00 |
8,935.00 |
|
Prepaid Income Tax |
27,300.00 |
27,300.00 |
|
Other Assets |
- |
1,980,000.00 |
|
Total Assets |
11,780,957.37 |
8,396,074.60 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
7,606,040.01 |
4,405,444.36 |
|
Other Current Liabilities |
67,067.35 |
40,831.07 |
|
Total Current
Liabilities |
7,673,107.36 |
4,446,275.43 |
|
Total Liabilities |
7,673,107.36 |
4,446,275.43 |
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|
|
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Shareholders'
Equity |
|
|
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|
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 40,000 shares
|
4,000,000.00 |
4,000,000.00 |
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning -
Unappropriated |
107,850.01 |
[50,200.83] |
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Total
Shareholders' Equity |
4,107,850.01 |
3,949,799.17 |
|
Total
Liabilities & Shareholders' Equity |
11,780,957.37 |
8,396,074.60 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
10,879,779.50 |
12,226,312.43 |
|
Profit/[Loss] on Exchange
Rate |
436,704.61 |
[257,325.18] |
|
Other Income |
- |
1,023.59 |
|
Total Revenues
|
11,316,484.11 |
11,970,010.84 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
10,344,760.35 |
10,683,877.02 |
|
Selling & Administrative Expenses |
784,597.57 |
935,155.33 |
|
Total Expenses |
11,129,357.92 |
11,619,032.35 |
|
Profit / [Loss] Before Income
Tax |
187,126.19 |
350,978.49 |
|
Income Tax |
[29,075.35] |
[53,027.63] |
|
Net Profit / [Loss] |
158,050.84 |
297,950.86 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth
|
2006 |
2005 |
|
Net Sales |
[11.01] |
|
|
Operating Profit |
[40.09] |
|
|
Net Profit |
[46.95] |
|
|
Fixed Assets |
[33.33] |
|
|
Total Assets |
40.32 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
95.08 |
87.38 |
|
Operating Profit Margin |
1.72 |
2.87 |
|
S & A
Expenses |
7.21 |
7.65 |
|
Other Revenues |
4.01 |
[2.10] |
|
Net Profit Margin |
1.45 |
2.44 |
|
Earning Per Shares |
3.95 |
7.45 |
|
No. of Shares |
40,000 |
40,000 |
Net Sales was
decreased by 11.01%,
Operating Profit was
decreased by 40.09%,
Net Profit was
decreased by 46.95%,
Fixed Assets was
decreased by 33.33%,
Total Assets was
increased by 40.32%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 87.38%
to 95.08%, Operating
Profit Margin was
decreased from 2.87%
to 1.72%, S
& A Expenses
was decreased from
7.65% to 7.21%,
Other Revenues was
increased from -2.10%
to 4.01%, Net
Profit Margin was
decreased from 2.44%
to 1.45%.
Earning Per Shares
was decreased from
7.45 baht per
share to 3.95
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.53 |
1.43 |
|
Quick-Assets Ratio |
0.60 |
0.68 |
Current Ratio was
increased from 1.43
to 1.53, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.68 to 0.60,
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 |
1.87 |
1.13 |
D/E Ratio was
increased from 1.13
to 1.87, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1,826.39 |
1,368.36 |
|
Total Assets Turnover |
0.92 |
1.46 |
|
Return on Assets |
1.34 |
3.55 |
|
Return on Equity |
3.85 |
7.54 |
|
Day's Payable |
251.68 |
129.72 |
|
Day’s Inventories |
237.47 |
98.32 |
|
Day’s Receivables |
150.41 |
73.74 |
Fixed Assets Turnover
was increased from
1,368.36 times to 1,826.39 times,
Total Assets Turnover
was decreased from
1.46 times to
0.92 times, show
the company could
use Fixed Assets
so efficiently, Return
on Assets was
decreased from 3.55
to 1.34, Return
on Equity was
decreased from 7.54
to 3.85, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 130
days to 252
days, Day’s Inventories
was increased from
99 days to
238 days, and
Day’s Receivables was
increased from 74
days to 151
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.82 |
|
UK Pound |
1 |
Rs.84.89 |
|
Euro |
1 |
Rs.68.07 |
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%)