MIRA
INFORM REPORT
|
Report Date : |
14.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
D.
RATANA LTD. |
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|
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Registered Office : |
Unit 2510, 25th Floor,
Jewelry Trade Center, 919/324 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 : |
29.07.1993 |
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Com. Reg. No.: |
0105536086773 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer , Distributor and
Exporter of 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
D.
RATANA LTD.
SUMMARY
BUSINESS
ADDRESS : UNIT 2510, 25th
FLOOR, JEWELRY TRADE
CENTER,
919/324 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2630-0510-2
FAX : [66] 2630-0513
E-MAIL
ADDRESS : dratana2006@gmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION NO. : 0105536086773
CAPITAL REGISTERED : BHT. 26,000,000
CAPITAL PAID-UP : BHT. 26,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. ANIL KUMAR KOTHARI, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : 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 July 29,
1993 as a
private limited company under the name style
D. RATANA LTD., by
Thai and Indian groups, in order to
operate in jewelry
trading business. It
currently employs 12
staff.
The
subject’s registered address
is 919/324 Silom
Rd., Silom, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr. Anil Kumar Kothari |
|
Indian |
47 |
|
Mrs. Kiran Kothari |
|
Indian |
43 |
|
Mr. Sandeep Mehta |
|
Indian |
36 |
|
Mr. Ragesh Golesha |
|
Indian |
24 |
|
Mr. Alongkorn Bovornveerakij |
|
Thai |
54 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Anil Kumar
Kothari is the Managing Director.
He is Indian nationality with
the age of
47 years old.
Mr. Sandeep Mehta
is the General Manager.
He is Indian nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
various kinds of
diamond and semi precious
stones jewelry with gold and
platinum setting.
IMPORT
Diamond and precious
stones are imported
from India.
PURCHASE
Jewelry
products are purchased
from local manufacturers and traders
SALES
Jewelry products are
sold to customers
both local and
overseas, mainly in
U.S.A., Japan and
Hong Kong.
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
L/C at sight or T/T.
Exports are against
T/T.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 12
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
a prime commercial area.
COMMENT
Market
of jewelry products
in U.S.A. has
extremely decreased since
2007 after the
US Government cut
GST privilege for
imported jewelry from
Thailand. Many jewelry
business have lost
its market in
U.S.A.
The
subject’s business has
also been affected
from losing the
US market. Sales has
been declined from previous years.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 4,000,000 on April
18, 1995
Bht. 6,000,000 on October 30,
1995
Bht. 11,000,000 on June 21,
2000
Bht. 22,000,000 on December 6,
2005
Bht. 26,000,000 on January 16,
2008
The
latest registered capital
was increased to
Bht. 26 million, divided into
260,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at January 5,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
Mr. Alongkorn Bovornveerakij
Nationality: Thai Address : 19/62
Moo 2, Ladprao,
Bangkok |
59,000 |
22.69 |
|
Mr. Anil Kumar
Kothari Nationality: Indian Address : Jaipur,
India |
46,500 |
17.88 |
|
Mr. Sandeep Mehta Nationality: Indian Address : Jaipur,
India |
46,500 |
17.88 |
|
Ms.
Thanasirisap Nicholas Nationality: Thai Address : 13/1
Pathumwan, Bangkok |
28,200 |
10.85 |
|
Mr. Thamnai Sritaporn Nationality: Thai Address : 95
Moo 7, Thartnoi,
Kuengnai,
Ubonratchathani |
28,000 |
10.77 |
|
Ms.
Niyakorn Yathathes Nationality: Thai Address : 175
Moo 4, Huayjode,
Watthananakorn |
17,000 |
6.54 |
|
Ms. Nittaya Yathathes Nationality: Thai Address : 175
Moo 4, Huayjode,
Watthananakorn |
17,000 |
6.54 |
|
Mr. Ragesh Golesha Nationality: Indian Address : Kolgata,
India |
11,000 |
4.20 |
|
Mrs. Kiran Kothari Nationality: Indian Address : Jaipur,
India |
3,800 |
1.46 |
|
Mrs. Somjai Kulsiri Nationality: Thai Address : 175
Moo 4, Huayjode,
Watthananakorn |
3,000 |
1.19 |
Total Shareholders : 10
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Narin Ploychinda No.
5931
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
541,084.15 |
415,987.90 |
|
Short Term Investment |
3,000,000.00 |
- |
|
Trade Accts. Receivable |
26,203,752.76 |
24,112,137.68 |
|
Inventories |
3,237,952.39 |
6,058,660.29 |
|
Other Current Assets
|
2,045,391.00 |
1,474.71 |
|
Total Current
Assets |
35,028,180.30 |
30,588,260.58 |
|
|
|
|
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Fixed Assets |
180,123.53 |
82,127.08 |
|
Guarantee Electrical |
16,000.00 |
16,000.00 |
|
Total Assets
|
35,224,303.83 |
30,686,387.66 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft |
2,710,676.91 |
147,758.29 |
|
Short Term Loan
from Financial Institution |
9,109,061.21 |
814,129.15 |
|
Trade Accts. Payable |
209,532.14 |
5,037,035.35 |
|
Short Term Loan
from Person or Related Company |
- |
2,100,000.00 |
|
Revenue Department Payable |
358,330.11 |
157,274.80 |
|
Accrued Income Tax |
234,510.16 |
217,710.67 |
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Accrued Expenses |
101,688.43 |
456,428.35 |
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Total Current
Liabilities |
12,723,798.96 |
8,930,336.61 |
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Total Liabilities |
12,723,798.96 |
8,930,336.61 |
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Shareholders'
Equity |
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 220,000 shares |
22,000,000.00 |
22,000,000.00 |
|
Capital Paid |
22,000,000.00 |
22,000,000.00 |
|
Retained Earning -
Unappropriated |
500,504.87 |
[243,948.95] |
|
Total
Shareholders' Equity |
22,500,504.87 |
21,756,051.05 |
|
Total
Liabilities & Shareholders' Equity |
35,224,303.83 |
30,686,387.66 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales-Local Income |
32,012,707.91 |
17,808,087.22 |
|
Export Income |
33,162,349.42 |
25,545,873.90 |
|
Gain on Exchange
Rate |
- |
864,444.74 |
|
Other Income |
430,603.73 |
94,361.79 |
|
Total Revenues
|
65,605,661.06 |
44,312,767.65 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
53,798,263.35 |
37,462,281.12 |
|
Selling & Administrative Expenses |
9,700,859.27 |
5,858,616.46 |
|
Total Expenses |
63,499,122.62 |
43,320,897.58 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
2,106,538.44 |
991,870.07 |
|
Interest Expenses |
[884,574.46] |
[164,093.31] |
|
Income Tax |
[477,510.16] |
[397,710.67] |
|
Net Profit / [Loss] |
744,453.82 |
430,066.09 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
50.33 |
|
|
Operating Profit |
41.27 |
|
|
Net Profit |
73.10 |
|
|
Fixed Assets |
119.32 |
|
|
Total Assets |
14.79 |
|
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Profitability |
|
|
|
Cost of Good
Sold |
82.54 |
86.41 |
|
Operating Profit Margin |
3.23 |
2.29 |
|
S & A
Expenses |
14.88 |
13.51 |
|
Interest Paid |
1.36 |
0.38 |
|
Other Revenues |
0.66 |
2.21 |
|
Net Profit Margin |
1.14 |
0.99 |
|
Earning Per Shares |
3.38 |
1.95 |
|
No. of Shares |
220,000 |
220,000 |
Net Sales was
increased by 50.33%,
Operating Profit was
increased by 41.27%,
Net Profit was
increased by 73.10%,
Fixed Assets was
increased by 119.32%,
Total Assets was increased by 14.79%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 86.41%
to 82.54%, Operating
Profit Margin was
increased from 2.29%
to 3.23%, S
& A Expenses
was increased from
13.51% to 14.88%,
Interest Paid was increased
from 0.38% to
1.36%, Other Revenues
was decreased from
2.21% to 0.66%,
Net Profit Margin
was increased from
0.99% to 1.14%.
Earning Per Shares
was increased from
1.95 baht per
share to 3.38
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.75 |
3.43 |
|
Quick-Assets Ratio |
2.34 |
2.75 |
Current Ratio was
decreased from 3.43
to 2.75, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
2.75 to 2.34,
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 |
0.57 |
0.41 |
|
Times Interest Earned |
2.38 |
6.04 |
D/E Ratio was
increased from 0.41
to 0.57, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the company is
low, Times Interest
Earned was decreased
from 6.04 to
2.38, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
361.84 |
527.89 |
|
Total Assets Turnover |
1.85 |
1.41 |
|
Return on Assets |
2.11 |
1.40 |
|
Return on Equity |
3.31 |
1.98 |
|
Day's Payable |
1.16 |
41.83 |
|
Day’s Inventories |
17.89 |
50.31 |
|
Day’s Receivables |
144.74 |
200.22 |
Fixed Assets Turnover
was decreased from
527.89 times to
361.84 times, Total
Assets Turnover was
increased from 1.41
times to 1.85
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
1.40 to 2.11,
Return on Equity
was increased from
1.98 to 3.31,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 42
days to 2
days, Day’s Inventories
was decreased from
51 days to
18 days, and
Day’s Receivables was
decreased from 201
days to 145
days.
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%)