MIRA
INFORM REPORT
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Report Date : |
11.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
KEN
GEMS LIMITED PARTNERSHIP |
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Registered Office : |
541 Vanich 1
Road, Samphantawong, Bangkok
10100, |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
13.02.1997 |
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Com. Reg. No.: |
0103540004342 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importer and Distributor of Artificial Gems
and Jewelry Products |
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
KEN
GEMS LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 541
VANICH 1 ROAD,
SAMPHANTAWONG,
BANGKOK 10100,
THAILAND
TELEPHONE : [66] 2622-4786,
2622-6528, 2222-1709
FAX : [66] 2622-6527
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1997
REGISTRATION NO. : 0103540004342
[Former: 43/2540]
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT. 2,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MS. WANTHANEE KAENBUTR,
THAI
MANAGING PARTNER
NO.
OF STAFF : 5
LINES
OF BUSINESS : ARTIFICIAL GEMS AND JEWELRY
PRODUCTS
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 February 13,
1997 as a limited
partnership under the name
style KEN GEMS
LIMITED PARTNERSHIP by Thai
partners, in order
to import and
distribute wide range
of artificial gems
and jewelry products
for domestic market.
It currently employs
5 staff.
The
subject’s registered address
is 541 Vanich 1
Rd., Samphantawong, Bangkok
10100, and this
is the subject’s current operation
address.
THE AUTHORIZED PERSON
Ms. Wanthanee Kaenbutr can
sign on behalf
of the subject with seal
affixed. She also
bears full financial
responsibility by law.
MANAGEMENT
Ms. Wanthanee Kaenbutr
is the Managing Partner.
She is Thai nationality at
the age of
39 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of artificial
gems and jewelry
products, such as
ring, necklace and
others.
PURCHASE
Most of the
products are imported
from India, Japan,
U.S.A. and European
countries, and the
remaining is purchased
locally.
SALES
The products are
sold locally by
both wholesale and
retail to traders
and end-users.
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 credit term
of 30 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.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 5
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and showroom at
the heading address.
Premise is located
in commercial area.
COMMENT
There is still a lot of opportunities for artificial jewelry products in
local market. However, slow consumption
and purchasing power
from economic uncertainty
has resulted to
declined the subject’s
sales in the
past year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 which
was carried by 3 persons
as followed:
Name Age Amount
Ms. Wanthanee Kaenbutr [39] Bht.
200,000 [unlimited partner]
Ms. Suthicha Kaenbutr [34] Bht.
100,000
Mr. Trithep
Feungkajornfung [51] Bht. 1,700,000
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Netrdao Chianilkulchai No.
5187
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
|
597,578.05 |
219,014.76 |
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Trade Accts. Receivable |
1,502,734.35 |
5,465,268.08 |
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Inventories |
17,075,137.10 |
26,023,165.93 |
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Other Current Assets |
4,000.00 |
- |
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Total Current
Assets |
19,179,449.50 |
31,707,448.77 |
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Fixed Assets |
161,010.87 |
123,500.59 |
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Total Assets |
19,340,460.37 |
31,830,949.36 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
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Current Liabilities |
2006 |
2005 |
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Trade Accts. Payable |
- |
28,307,721.63 |
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Payable Loan Director |
16,613,999.15 |
1,020,000.00 |
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Accrued Professional Fee |
10,000.00 |
10,000.00 |
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Accrued Social Securities |
6,950.00 |
7,550.00 |
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Payable-Revenue Department |
65,850.88 |
79,133.04 |
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Accrued Income Tax |
18,873.78 |
26,664.64 |
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Accrued Services |
42,000.00 |
42,000.00 |
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Accrued Withholding Income
Tax |
50.79 |
- |
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Total Current
Liabilities |
16,757,724.60 |
29,493,069.31 |
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Total Liabilities |
16,757,724.60 |
29,493,069.31 |
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Shareholders'
Equity |
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Capital Paid |
2,000,000.00 |
2,000,000.00 |
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Retained Earning -
Unappropriated |
582,735.77 |
337,880.05 |
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Total
Shareholders' Equity |
2,582,735.77 |
2,337,880.05 |
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Total Liabilities &
Shareholders' Equity |
19,340,460.37 |
31,830,949.36 |
PROFIT & LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
27,083,161.20 |
30,439,038.81 |
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Gain on Exchange
Rate |
1,367,460.84 |
1,682,085.32 |
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Total Revenues
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28,450,622.04 |
32,121,124.13 |
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Expenses |
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Cost of Goods
Sold |
26,172,211.05 |
29,333,113.11 |
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Selling & Administrative Expenses |
1,988,920.39 |
2,460,386.20 |
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Total Expenses |
28,161,131.44 |
31,793,499.31 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
289,490.60 |
327,624.82 |
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Interest Expenses |
[261.10] |
[14.20] |
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Income Tax |
[44,373.78] |
[49,539.64] |
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Net Profit / [Loss] |
244,855.72 |
278,070.98 |
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Retained Earning,
beginning of year |
337,880.05 |
59,809.07 |
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Retained Earning,
end of year |
582,735.77 |
337,880.05 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2006 |
2005 |
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Net Sales |
[11.02] |
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Operating Profit |
[0.69] |
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Net Profit |
[11.94] |
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Fixed Assets |
30.37 |
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Total Assets |
[39.24] |
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Profitability |
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Cost of Good
Sold |
96.64 |
96.37 |
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Operating Profit Margin |
1.07 |
1.08 |
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S & A
Expenses |
7.34 |
8.08 |
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Interest Paid |
0.00 |
0.00 |
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Other Revenues |
5.05 |
5.53 |
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Net Profit Margin |
0.90 |
0.91 |
Net Sales was
decreased by 11.02%,
Operating Profit was
decreased by 0.69%,
Net Profit was
decreased by 11.94%,
Fixed Assets was
increased by 30.37%,
Total Assets was
decreased by 39.24%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 96.37%
to 96.64%, Operating
Profit Margin was
decreased from 1.08%
to 1.07%, S
& A Expenses
was decreased from
8.08% to 7.34%,
Interest Paid was increased
from 0.00% to
0.00%, Other Revenues
was decreased from
5.53% to 5.05%,
Net Profit Margin
was decreased from
0.91% to 0.90%.
Liquidity
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Liquidity |
2006 |
2005 |
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Current Ratio |
1.14 |
1.08 |
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Quick-Assets Ratio |
0.13 |
0.19 |
Current Ratio was
increased from 1.08
to 1.14, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.19 to 0.13,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
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Leverage |
2006 |
2005 |
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D/E Ratio |
6.49 |
12.62 |
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Times Interest Earned |
1,108.73 |
23,072.17 |
D/E Ratio was
decreased from 12.62
to 6.49, 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
23,072.17 to 1,108.74,
capacity to pay
interest paid was
good.
Efficiency
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Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
168.21 |
246.47 |
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Total Assets Turnover |
1.40 |
0.96 |
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Return on Assets |
1.27 |
0.87 |
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Return on Equity |
9.48 |
11.89 |
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Day's Payable |
0.00 |
334.79 |
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Day’s Inventories |
226.97 |
307.77 |
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Day’s Receivables |
19.97 |
64.64 |
Fixed Assets Turnover
was decreased from
246.47 times to
168.21 times, Total
Assets Turnover was
increased from 0.96
times to 1.40
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
0.87 to 1.27,
Return on Equity
was decreased from
11.89 to 9.48,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 335
days to 0
days, Day’s Inventories
was decreased from
308 days to
227 days, and
Day’s Receivables was
decreased from 65
days to 20 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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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%)