MIRA
INFORM REPORT
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Report Date : |
10.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
THAI GEM & DIAMOND LTD. |
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Registered Office : |
Room 2407, 24th Floor, Jewelry Trade Center, 919/309 Silom Road, Silom, 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 : |
18.09.1992 |
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Com. Reg. No.: |
0105535130426 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of
Gems and Diamonds |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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
THAI
GEM & DIAMOND
LTD.
SUMMARY
BUSINESS
ADDRESS : ROOM
2407, 24th FLOOR,
JEWELRY TRADE CENTER,
919/309 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2238-1609
FAX : [66] 2682-8954
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION NO. : 0105535130426
[Former : 12592/2535]
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.
SHERIJAN GETENDRA JHAVERI,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : GEMS
AND DIAMONDS
IMPORTER &
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
18, 1992 as
a private limited
company under the
name style THAI
GEM & DAIMOND
LTD. by Thai
and Indian groups,
in order to distribute gems and diamonds to domestic
jewelry industry. It
currently employs 3
staff.
The subject’s registered
address is 919/309
Silom Rd., Silom,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Sherijan Getendra
Jhaveri |
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Indian |
44 |
|
Mrs. Rupal Sherijan
Jhaveri |
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Indian |
49 |
|
Mr. Chernic Getendra.
Jhaveri |
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Indian |
31 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Sherijan
Getendra Jhaveri is
the Managing Director.
He is Indian nationality with
the age of
44 years old.
BUSINESS OPERATIONS
The
subject is engaged
in importing and
distributing various kinds
of fine gems
and diamonds for
jewelry industry.
PURCHASE
100% of the
products is purchased
from suppliers in
India.
SALES [LOCAL]
100% of its
products is sold
locally to manufacturers and dealers.
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 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.
Local bills are
paid by cash.
Imports are by
L/C at sight, D/P & T/T.
BUSINESS TRANSACTION
The subject has
no payment problem from
both customers and
suppliers due to
the products are
mainly sold and
purchased by cash.
BANKING
The Siam
Commercial Bank Public
Co., Ltd.
[Silom Branch:
Silom Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
3 staff.
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address. Premise is
located in commercial
area.
COMMENT
Domestic slow
consumption of jewelry products
have seen during
this two years
due to economic uncertainty and
decline purchasing power. This
has affected to
diamond and gemstone
traders.
The subject’s sales
revenue have drastically
declined from slow
purchasing in domestic
market.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each.
The capital was
increased later as
follows:
Bht. 4,000,000 on
November 30, 1995
Bht. 11,000,000 on
October 17, 2000
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 April 30,
2007]
|
NAME |
HOLDING |
% |
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Mr. Sherinic
Getendra Jhaveri Nationality: Indian Address : 87 Pan
Rd., Silom, Bangrak,
Bangkok 10500
|
41,800 |
38.00 |
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Mr. Somkid
Kamdee Nationality: Thai Address : 50/1
Krungkasem Rd., Klongmahanak, Pomprab, Bangkok 10100 |
14,025 |
12.75 |
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Ms. Somporn
Phopirom Nationality: Thai Address : 1461 Asoke-Dindaeng Rd., Samsennai,
Phyathai, Bangkok 10400 |
14,025 |
12.75 |
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Ms. Pornthip
Langsanti Nationality: Thai Address : 283 Asoke-Dindaeng Rd., Samsennai,
Huaykwang, Bangkok 10320 |
14,025 |
12.75 |
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Mr. Pipat
Srikham Nationality: Thai Address : 1461 Asoke-Dindaeng Rd., Samsennai,
Phyathai, Bangkok 10400 |
14,025 |
12.75 |
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Mr.
Sherijan Getendra Jhaveri Nationality: Indian Address : 87 Pan
Rd., Silom, Bangrak,
Bangkok
10500 |
11,000 |
10.00 |
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Mrs. Rupal
Sherijan Jhaveri Nationality: Indian Address : 87 Pan
Rd., Silom, Bangrak,
Bangkok 10500 |
1,100 |
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 |
|
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Cash in hand
& at Bank
|
203,760.50 |
2,120,137.59 |
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Trade Accounts & Notes Receivable |
5,825,487.86 |
6,605,442.69 |
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Inventories |
6,313,764.40 |
7,795,139.13 |
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Loan to Director |
- |
1,392,000.00 |
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Total Current
Assets |
12,343,012.76 |
17,912,719.41 |
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Fixed Assets |
6,838,484.10 |
140,933.88 |
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Other Assets |
24,000.00 |
24,000.00 |
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Total Assets |
19,205,496.86 |
18,077,653.29 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Trade Accounts Payable |
215,183.50 |
5,291,908.88 |
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Payable Loan Directors |
5,258,000.00 |
3,008,000.00 |
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Other Current Liabilities |
35,973.93 |
116,800.49 |
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Total Current
Liabilities |
5,509,157.43 |
8,416,709.37 |
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Guarantee |
110,390.00 |
- |
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Long Term Loan |
4,565,375.39 |
- |
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Total Liabilities |
10,184,922.82 |
8,416,709.37 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 110,000 shares |
11,000,000.00 |
11,000,000.00 |
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Capital Paid |
11,000,000.00 |
11,000,000.00 |
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Retained Earning -
Unappropriated [Deficit] |
[1,979,425.96] |
[1,339,056.08] |
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Total
Shareholders' Equity |
9,020,574.04 |
9,660,943.92 |
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Total
Liabilities & Shareholders' Equity |
19,205,496.86 |
18,077,653.29 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales - Domestic |
13,058,906.72 |
14,187,297.10 |
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Sales - Overseas |
278,779.28 |
3,021,430.35 |
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Interest Income |
887,067.94 |
- |
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Total Revenues
|
14,224,753.94 |
17,208,727.45 |
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Expenses |
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Cost of Goods
Sold |
12,006,013.85 |
15,251,147.52 |
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Selling & Administrative Expenses |
2,458,410.49 |
1,826,695.91 |
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Total Expenses |
14,464,424.34 |
17,077,843.43 |
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Profit / [Loss] before
Interest Expenses & Income Tax |
[239,670.40] |
130,884.02 |
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Interest Expenses |
[315,375.39] |
- |
|
Income Tax |
[85,324.09] |
[101,102.14] |
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Net Profit / [Loss] |
[640,369.88]
|
29,781.88 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[22.49] |
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Operating Profit |
[336.26] |
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Net Profit |
[2,250.20] |
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Fixed Assets |
4,752.26 |
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Total Assets |
6.24 |
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Profitability |
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Cost of Good
Sold |
90.02 |
88.62 |
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Operating Profit Margin |
[1.80] |
0.76 |
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S & A
Expenses |
18.43 |
10.61 |
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Interest Paid |
2.36 |
0.00 |
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Other Revenues |
6.65 |
0.00 |
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Net Profit Margin |
[4.80] |
0.17 |
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Earning Per Shares |
[5.82] |
0.27 |
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No. of Shares |
110,000 |
110,000 |
Net Sales was
decreased by 22.49%,
Operating Profit was
decreased by 336.26%,
Net Profit was
decreased by 2,250.20%,
Fixed Assets was
increased by 4,752.26%,
Total Assets was
increased by 6.24%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 88.62%
to 90.02%, Operating
Profit Margin was
decreased from 0.76%
to -1.80%, S &
A Expenses was
increased from 10.61%
to 18.43%, Interest Paid was increased from
0.00% to 2.36%,
Other Revenues was
increased from 0.00%
to 6.65%, Net
Profit Margin was
decreased from 0.17%
to -4.80%,
Earning Per Shares
was decreased from
0.27 baht per
share to -5.82
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.24 |
2.13 |
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Quick-Assets Ratio |
1.09 |
1.20 |
Current Ratio was
increased from 2.13
to 2.24, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.20 to 1.09,
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 |
1.13 |
0.87 |
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Times Interest Earned |
[0.76] |
0.00 |
D/E Ratio was
increased from 0.87
to 1.13, 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
0.00 to -0.76,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.95 |
122.10 |
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Total Assets Turnover |
0.69 |
0.95 |
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Return on Assets |
[3.33] |
0.16 |
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Return on Equity |
[7.10] |
0.31 |
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Day's Payable |
5.81 |
110.70 |
|
Day’s Inventories |
170.42 |
163.07 |
|
Day’s Receivables |
157.24 |
138.18 |
Fixed Assets Turnover
was decreased from
122.11 times to
1.95 times, Total
Assets Turnover was
decreased from 0.95
times to 0.69
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 0.16 to
-3.33, Return on
Equity was decreased
from 0.31 to -7.10,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
decreased from 111
days to 6
days, while Day’s
Inventories was increased
from 164 days
to 171 days, and Day’s
Receivables was increased
from 139 days
to 158 days.
RATING
EXPLANATIONS
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)