MIRA
INFORM REPORT
|
Report Date : |
19.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRIYAANK
INTERNATIONAL COMPANY LIMITED |
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Registered Office : |
13th Floor, Bangkok
Gems & Jewelry Tower,
322/23 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 : |
09.04.1990 |
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Com. Reg. No.: |
0105533040934 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and
Exporter of Diamond, Gems and
Jewelry Products |
RATING &
COMMENTS
|
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
PRIYAANK
INTERNATIONAL COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 13th FLOOR,
BANGKOK GEMS & JEWELRY TOWER,
322/23 SURAWONG
ROAD, SIPHRAYA,
BANGRAK, BANGKOK
10500
TELEPHONE : [66] 2238-3880-3
FAX : [66] 2238-3884
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1990
REGISTRATION NO. : 0105533040934
CAPITAL REGISTERED : BHT. 20,500,000
CAPITAL PAID-UP : BHT. 20,500,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PRADEEP RAGHUNATH LODHA, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : DIAMOND, GEMS 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 April 9,
1990 as a
private limited company under the name style
PRIYAANK INTERNATIONAL COMPANY
LIMITED, by Thai
and Indian groups,
with the business objective to operate as jewelry
trading. It currently
employs approximately 10
staff.
The
subject’s registered address
is 322/23 Surawong
Rd., Siphraya, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Pradeep Raghunath Lodha |
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Indian |
44 |
|
Ms. Nirmala Sacheti |
|
Indian |
63 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pradeep Raghunath
Lodha is the Managing Director.
He is Indian nationality with
the age of
44 years old.
BUSINESS OPERATIONS
The subject is engaged in
international trading business
as the followings:
Importing and distributing of diamonds and
gemstone.
Exporting of Thai cutting diamonds, gemstone
and jewelry products.
PURCHASE
The products are
purchased from suppliers
and manufacturers both
domestic and overseas, mainly
in India, Belgium
and South Africa.
SALES [LOCAL]
The products are
sold locally to
manufacturers, traders and
end-users.
EXPORT
Some of the
products are exported to
Hong Kong, Japan,
U.S.A. and countries in
Europe.
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 approximately 10 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’s sales in
2006 remains moderate,
however economic slowdown
in 2007 has
resulted to decline
consumption and purchasing
power in domestic market.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each.
The
capital was increased
later as following:
Bht. 2,000,000 on September 26,
1990
Bht. 6,000,000 on February 4,
1994
Bht. 15,000,000 on January 18, 1995
Bht. 20,000,000 on December 25,
2002
The
latest registered capital
was increased to
Bht. 20,500,000 divided into 205,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at December 17, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
Mr. Nikorn Kijvanich
Nationality: Thai Address : 69-71
Rama 4 Rd.,
Pomprab, Bangkok |
76,497 |
37.31 |
|
Mr. Pradeep Raghunath
Lodha Nationality: Indian Address : 322/23
Surawong Rd., Siphraya,
Bangrak, Bangkok |
60,000 |
29.27 |
|
Ms.
Niramala Sacheti Nationality: Indian Address : 322/23
Surawong Rd., Siphraya,
Bangrak, Bangkok |
40,449 |
19.73 |
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Mrs. Anupa Naruela Nationality: Thai Address : 32/31-32
Sukhumvit 26 Rd.,
Klongton,
Klongtoey, Bangkok |
28,050 |
13.68 |
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Mrs.
Supannee Saemuay Nationality: Thai Address : 135/139
Arj-narong Rd., Klongtoey,
Prakanong, Bangkok |
2 |
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Mr. Vinai Bagla Nationality: Indian Address : 322/23
Surawong Rd., Siphraya,
Bangrak, Bangkok |
1 |
=0.01 |
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Ms.
Vipaporn Vora Nationality: Thai Address : 74/19
Moo 1, Bangwua,
Bangpakong, Chachoengsao |
1 |
|
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Nongnuch Ouitrakul No. 2241
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
|
911,911.72 |
3,903,032.31 |
|
Trade Accts. Receivable |
58,029,110.13 |
51,248,478.67 |
|
Inventories |
57,306,306.36 |
46,721,412.89 |
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Other Current Assets
|
108,156.35 |
142,635.74 |
|
Total Current
Assets |
116,355,484.56 |
102,015,559.61 |
|
Cash at Bank
under Commitment |
3,052,121.29 |
3,050,000.00 |
|
Fixed Assets |
573,434.74 |
1,216,369.74 |
|
Total Assets |
119,981,040.59 |
106,281,929.35 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
64,256,301.84 |
36,972,301.75 |
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Trade Accts. Payable |
25,923,545.04 |
41,026,008.12 |
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Current Portion of Long
Term Liabilities |
|
|
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Accrued Expenses |
1,455,854.76 |
1,040,786.30 |
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Accrued Income Tax |
466,186.40 |
449,778.28 |
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Other Current Liabilities |
81,498.24 |
365,043.46 |
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Total Current
Liabilities |
92,183,386.28 |
79,853,917.91 |
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Total Liabilities |
92,183,386.28 |
79,853,917.91 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 205,000 shares |
20,500,000.00 |
20,500,000.00 |
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Capital Paid |
20,500,000.00 |
20,500,000.00 |
|
Retained Earning -
Unappropriated |
7,297,654.31 |
5,928,011.44 |
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Total
Shareholders' Equity |
27,797,654.31 |
26,428,011.44 |
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Total Liabilities &
Shareholders' Equity |
119,981,040.59 |
106,281,929.35 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales |
153,079,022.61 |
155,449,465.91 |
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Gain on Exchange Rate |
1,256,804.58 |
- |
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Other Income |
137,251.18 |
97,729.63 |
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Total Revenues
|
154,473,078.37 |
155,547,195.54 |
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Expenses |
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Cost of Goods
Sold |
141,796,702.41 |
144,381,242.07 |
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Selling & Administrative Expenses |
7,265,382.71 |
6,795,106.87 |
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Total Expenses |
149,062,085.12 |
151,176,348.94 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
5,410,993.25 |
4,370,846.60 |
|
Interest Expenses |
[3,103,169.97] |
[1,827,515.40] |
|
Income Tax |
[938,180.41] |
[921,752.89] |
|
Net Profit / [Loss] |
1,369,642.87 |
1,621,578.31 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[1.52] |
|
|
Operating Profit |
25.71 |
|
|
Net Profit |
[15.54] |
|
|
Fixed Assets |
[52.86] |
|
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Total Assets |
12.89 |
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Profitability |
|
|
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Cost of Good
Sold |
92.63 |
92.88 |
|
Operating Profit Margin |
3.53 |
2.81 |
|
S & A
Expenses |
4.75 |
4.37 |
|
Interest Paid |
2.03 |
1.18 |
|
Other Revenues |
0.91 |
0.06 |
|
Net Profit Margin |
0.89 |
1.04 |
|
Earning Per Shares |
6.68 |
7.91 |
|
No. of Shares |
205,000 |
205,000 |
Net Sales was
decreased by 1.52%,
Operating Profit was
increased by 25.71%,
Net Profit was
decreased by 15.54%,
Fixed Assets was
decreased by 52.86%,
Total Assets was
increased by 12.89%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 92.88%
to 92.63%, Operating
Profit Margin was
increased from 2.81%
to 3.53%, S
& A Expenses
was increased from
4.37% to 4.75%,
Interest Paid was increased
from 1.18% to
2.03%, Other Revenues
was increased from
0.06% to 0.91%,
Net Profit Margin
was decreased from
1.04% to 0.89%.
Earning Per Shares
was decreased from
7.91 baht per
share to 6.68
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.26 |
1.28 |
|
Quick-Assets Ratio |
0.64 |
0.69 |
Current Ratio was
decreased from 1.28
to 1.26, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.69 to 0.64,
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 |
3.32 |
3.02 |
|
Times Interest Earned |
1.74 |
2.39 |
D/E Ratio was
increased from 3.02
to 3.32, 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
2.39 to 1.74,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
266.95 |
127.80 |
|
Total Assets Turnover |
1.28 |
1.46 |
|
Return on Assets |
1.14 |
1.53 |
|
Return on Equity |
4.93 |
6.14 |
|
Day's Payable |
60.97 |
95.01 |
|
Day’s Inventories |
134.77 |
108.20 |
|
Day’s Receivables |
136.47 |
118.68 |
Fixed Assets Turnover
was increased from
127.80 times to
266.95 times, Total
Assets Turnover was
decreased from 1.46
times to 1.28
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 1.53 to
1.14, Return on
Equity was decreased
from 6.14 to 4.93, capacity
to use Assets to make
profit was good.
Day's Payable was
decreased from 96
days to 61
days, while Day’s
Inventories was increased
from 109 days
to 135 days, and Day’s
Receivables was increased
from 119 days
to 137 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 |
|
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 |
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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%)