MIRA
INFORM REPORT
|
Report Date : |
16.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GREAT DIAM CO., LTD. |
|
|
|
|
Registered Office : |
Suite
78 E, 9th Floor,
Gem Tower, 1249/78 Charoenkrung Road, Suriyawongse,
Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
05.09.1994 |
|
|
|
|
Com. Reg. No.: |
0105537104147 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of 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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name of the company
GREAT DIAM CO., LTD.
SUMMARY
BUSINESS
ADDRESS : SUITE 78 E, 9th FLOOR,
GEM TOWER,
1249/78 CHAROENKRUNG ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2268-0870
FAX : [66] 2268-0871
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION NO. : 0105537104147
CAPITAL REGISTERED : BHT. 11,000,000
CAPITAL PAID-UP : BHT. 11,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. HIMANSHUKUMAR POPATBHAI
PATEL, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 6
LINES
OF BUSINESS : DIAMONDS AND GEMSTONES
IMPORTER AND
DISTRIBUTOR
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 September 5,
1994 as a
private limited company
under the name
style GREAT DIAM
CO., LTD., by
Thai and Indian
groups, with the
business objective to
import and distribute
diamonds and gemstone
to domestic market.
It currently employs
6 staff.
The
subject’s registered address
is 1249/78 Charoenkrung Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Himanshukumar
Popatbhai Patel |
|
Indian |
35 |
|
Mr. Trikam Tulshibhai Savani |
|
Indian |
28 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Himanshukumar Popatbhai
Patel is the Managing Director.
He is Indian nationality with
the age of
35 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and re-exporting of diamonds and
gemstone.
IMPORT
The
products are imported
from India, Pakistan
and South Africa.
SALES
90% of the products is
sold locally by
wholesale to traders,
manufacturers and end-users.
EXPORT
10% of the products is
re-exported to Hong
Kong and Japan.
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
6 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a prime
commercial area.
COMMENT
The
subject established in
1994 as an importer
and distributor of
diamond and gemstone.
Its sales have
gradually increased in the
last few years
due to growth in jewelry
industry from both
domestic and export
markets. The subject
posted its sales
revenue in 2006
higher than 2005
around 48 million
baht, this was
due to growth in export
markets were strong
as well as
domestic consumption was
moderate. However, since
2007 fuel prices
has strongly increased and
continued increasing to
the present, this
has resulted to
dramatic decreased consumption of luxuries products
including jewelry, diamond and gemstone. It
is believed that
subject’s sales this
year would slowdown
from the previous
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000
divided into 30,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 4,000,000
on May 19,
1997
Bht. 11,000,000
on June 7,
2001
The
latest registered capital
was increased to
Bht. 11,000,000 divided into
110,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at June 3,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Himanshukumar Popatbhai
Patel Nationality: Indian Address : 1249/78
Charoenkrung Rd., Suriyawongse,
Bangrak, Bangkok |
53,000 |
48.18 |
|
Mr. Hasan Solihee Nationality: Thai Address : 62/1
Arun Amarin, Bangkoknoi, Bangkok |
14,100 |
12.82 |
|
Ms. Wanphen Kasurong Nationality: Thai Address : 71
Moo 8, Monthong,
Bangnampriew,
Chachoengsao |
14,000 |
12.73 |
|
Mr. Chatree Phu-eiam Nationality: Thai Address : 46
Moo 13, Yothaka,
Bangnampriew,
Chachoengsao |
14,000 |
12.73 |
|
Mr. Bazir Sorlihee Nationality: Thai Address : 62/1
Arun Amarin, Bangkoknoi, Bangkok |
14,000 |
12.73 |
|
Mr. Trikam Tulshibhai Savani Nationality: Indian Address : 1249/78
Charoenkrung Rd., Suriyawongse,
Bangrak, Bangkok |
500 |
0.45 |
|
Mr. Patel Hirabhai
Pramjibhai Nationality: Indian Address : 1249/78
Charoenkrung Rd., Suriyawongse, Bangrak, Bangkok |
400 |
0.36 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Thanawat Ek-aranpong No.
5465
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
839,376.64 |
1,109,959.46 |
|
Trade Accts. Receivable |
6,797,605.75 |
16,073,184.17 |
|
Revenue Department Receivable |
18,568,169.19 |
23,388,042.66 |
|
Short Term Loan
to Related Person |
7,500,000.00 |
- |
|
Other Current Assets
|
176,222.34 |
- |
|
Total Current
Assets |
33,881,373.92 |
40,571,186.29 |
|
|
|
|
|
Fixed Assets |
24,080.51 |
35,712.46 |
|
Other Assets |
45,000.00 |
- |
|
Total Assets |
33,950,454.43 |
40,606,898.75 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
27,467,606.05 |
25,093,807.68 |
|
Accrued Income Tax |
220,350.88 |
60,000.00 |
|
Other Current Liabilities |
138,383.23 |
460,914.73 |
|
Total Current
Liabilities |
27,826,340.16 |
25,614,722.41 |
|
Long Term Loan
from Related Person |
- |
9,614,000.00 |
|
Total Liabilities |
27,826,340.16 |
35,228,722.41 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 110,000 shares |
11,000,000.00 |
11,000,000.00 |
|
Capital Paid |
11,000,000.00 |
11,000,000.00 |
|
Retained Earning -
Unappropriated |
[4,875,885.73] |
[5,621,823.66] |
|
Total
Shareholders' Equity |
6,124,114.27 |
5,378,176.34 |
|
Total
Liabilities & Shareholders' Equity |
33,950,454.43 |
40,606,898.75 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales Income |
116,456,441.93 |
71,115,361.77 |
|
Other Income |
3,562,301.26 |
943,250.26 |
|
Total Revenues
|
120,018,743.19 |
72,058,612.03 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
114,213,644.51 |
68,662,591.24 |
|
Selling & Administrative Expenses |
4,724,308.58 |
4,034,538.84 |
|
Total Expenses |
118,937,953.09 |
72,697,130.08 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
1,080,790.10 |
[638,518.05] |
|
Interest Expenses |
- |
[98,140.00] |
|
Income Tax |
[334,852.17] |
[240,000.00] |
|
Net Profit / [Loss] |
745,937.93 |
[976,658.05] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
63.76 |
|
|
Operating Profit |
[203.36] |
|
|
Net Profit |
176.38 |
|
|
Fixed Assets |
[32.57] |
|
|
Total Assets |
[16.39] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
98.07 |
96.55 |
|
Operating Profit Margin |
0.93 |
[0.90] |
|
S & A
Expenses |
4.06 |
5.67 |
|
Interest Paid |
0.00 |
0.14 |
|
Other Revenues |
3.06 |
1.33 |
|
Net Profit Margin |
0.64 |
[1.37] |
|
Earning Per Shares |
6.78 |
[8.88] |
|
No. of Shares |
110,000 |
110,000 |
Net Sales was
increased by 63.76%,
Operating Profit was
decreased by 203.36%,
Net Profit was
increased by 176.38%,
Fixed Assets was
decreased by 32.57%,
Total Assets was
decreased by 16.39%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 96.55%
to 98.07%, Operating
Profit Margin was
increased from -0.90%
to 0.93%, S
& A Expenses
was decreased from
5.67% to 4.06%,
Interest Paid was decreased
from 0.14% to
0.00%, Other Revenues
was increased from
1.33% to 3.06%,
Net Profit Margin
was increased from
-1.37% to 0.64%.
Earning Per Shares
was increased from
-8.88 baht per
share to 6.78
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.22 |
1.58 |
|
Quick-Assets Ratio |
1.21 |
1.58 |
Current Ratio was
decreased from 1.58
to 1.22, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was good,
Quick-Assets Ratio was
decreased from 1.58
to 1.21, 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 |
4.54 |
6.55 |
|
Times Interest Earned |
0.00 |
[6.51] |
D/E Ratio was
decreased from 6.55
to 4.54, show
the company had fund from Loan
more than fund
from Equity, investment
risked of the
company is high, Times
Interest Earned was
increased from -6.51
to 0.00, capacity
to pay interest paid was
not good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
4,836.13 |
1,991.33 |
|
Total Assets Turnover |
3.43 |
1.75 |
|
Return on Assets |
2.20 |
[2.41] |
|
Return on Equity |
12.18 |
[18.16] |
|
Day's Payable |
84.91 |
127.03 |
|
Day’s Receivables |
21.01 |
81.37 |
Fixed Assets Turnover
was increased from
1,991.33 times to
4,836.13 times, Total
Assets Turnover was
increased from 1.75
times to 3.43
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-2.41 to 2.20,
Return on Equity
was increased from
-18.16 to 12.18,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 128
days to 85
days, and Day’s
Receivables was decreased
from 82 days
to 22 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.17 |
|
UK Pound |
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.68.68 |
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%)