MIRA
INFORM REPORT
|
Report Date : |
21.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
KINJAL
STAR CO., LTD. |
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Registered Office : |
Suite
2812 [E], 28th Floor,
Jewelry Trade Center
Building, 919/361 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 : |
18.05.1994 |
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Com. Reg. No.: |
0105537057530 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and
Exporter of Diamonds 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
KINJAL
STAR CO., LTD.
SUMMARY
BUSINESS
ADDRESS : SUITE 2812 [E], 28th FLOOR,
JEWELRY TRADE
CENTER BUILDING,
919/361 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66]
2630-2208, 2233-6021
FAX : [66] 2630-2300
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION NO. : 0105537057530
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT. 4,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PATEL PRAVINBHAI BALUBHAI, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : DIAMONDS 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 May 18, 1994 as
a private limited
company under the
name style KINJAL STAR
CO., LTD., by
Thai and Indian groups, to be engaged in diamond
and jewelry trading
business. It currently
employs 4 staff.
The
subject’s registered address
is 919/361 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. Patel Pravinbhai Balubhai |
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Indian |
38 |
|
Mr. Dhami Vipul Laljibhai |
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Indian |
33 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Patel Pravinbhai
Balubhai is the Managing Director.
He is Indian nationality with
the age of
38 years old.
BUSINESS OPERATIONS
The subject’s main
activities are importer
and distributor of
diamonds and gemstones,
as well as
exporter of fine
jewelry products.
PURCHASE
Jewelry products are
purchased from local
manufacturers.
IMPORT
Diamonds and gemstones
are imported from
India, Pakistan, Russia,
Belgium and Africa.
SALES
The products are
sold locally by
wholesale to dealers
and manufacturers.
EXPORT
Jewelry
product is exported
to Hong Kong
and European countries.
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.
Exports are against
T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok]
EMPLOYMENT
The
subject employs 4
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a prime
commercial area.
COMMENT
The Thai gems and jewelry industry is really
vibrant. Thai design is more
diversified and international as well as labour quality is excellent. Many Indian jewelry traders likely to buy
jewelry made in Thailand to sell in India, while selling the loose gem stone and
diamond to Thai producers.
The
subject is doing moderate
business, but slow growth
is expected for
this year.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
2,000,000 divided into
20,000 shares of
Bht. 100 each.
On
December 8, 1995,
the capital was
increased to Bht. 4,000,000 divided into 40,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Patel Pravinbhai Balubhai Nationality: Indian Address : 92
Kujaraj, India |
12,000 |
30.00 |
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Mr. Dhami Vipul
Laljibhai Nationality: Indian Address : 10
Suraj, India |
7,600 |
19.00 |
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Mr. Sombat Jaiharn Nationality: Thai Address : 80/49
Sukhapibal Rd., Klongkum,
Bueng, Bangkok |
4,400 |
11.00 |
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Mr. Manus Liabsaeng Nationality: Thai Address : 7
Moo 6, Donyor,
Muang, Nakornnayok |
4,000 |
10.00 |
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Ms. Zorba Boonmalert Nationality: Thai Address : 45
Moo 5, Yothaka,
Bangnampreaw,
Chachoengsao |
4,000 |
10.00 |
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Mr.
Taweesak Bintorleb Nationality: Thai Address : 61/1
Moo 1, Singtothong, Bangnampreaw, Chachoengsao |
4,000 |
10.00 |
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Ms. Suree Tuancheen Nationality: Thai Address : 33
Moo 2, Klongdan,
Bangbor,
Samutprakarn |
4,000 |
10.00 |
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
|
110,467.02 |
113,747.19 |
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Trade Accts. Receivable |
14,202,440.30 |
17,071,548.68 |
|
Inventories |
17,933,801.76 |
4,445,709.28 |
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Other Current Assets
|
5,879.05 |
11,879.05 |
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Total Current
Assets |
32,252,588.13 |
21,642,884.20 |
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Fixed Assets |
138,903.22 |
63,594.77 |
|
Deposit-Telephone |
6,000.00 |
6,000.00 |
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Total Assets |
32,397,491.35 |
21,712,478.97 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
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Trade Accts. Payable |
16,810,140.64 |
13,888,845.16 |
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Pre-receipt income |
565,866.00 |
565,866.00 |
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Other Current Liabilities |
114,325.55 |
82,495.83 |
|
Payable Loan Director |
10,300,000.00 |
2,900,000.00 |
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Total Current
Liabilities |
27,790,332.19 |
17,437,206.99 |
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Total Liabilities |
27,790,332.19 |
17,437,206.99 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
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Capital Paid |
4,000,000.00 |
4,000,000.00 |
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Retained Earning -
Unappropriated |
607,159.16 |
275,271.98 |
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Total
Shareholders' Equity |
4,607,159.16 |
4,275,271.98 |
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Total
Liabilities & Shareholders' Equity |
32,397,491.35 |
21,712,478.97 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales |
24,210,236.62 |
20,949,316.81 |
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Gain on Exchange
Rate |
2,367,923.77 |
- |
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Total Revenues
|
26,578,160.39 |
20,949,316.81 |
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Expenses |
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Cost of Goods
Sold |
24,258,406.21 |
19,465,665.91 |
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Selling & Administrative Expenses |
1,890,866.37 |
1,030,375.38 |
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Loss on Exchange Rate |
- |
170,782.37 |
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Total Expenses |
26,149,272.58 |
20,666,823.66 |
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Profit / [Loss] Before Income
Tax |
428,887.81 |
282,493.15 |
|
Income Tax |
[97,000.63] |
[67,154.91] |
|
Net Profit / [Loss] |
331,887.18 |
215,338.24 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
15.57 |
|
|
Operating Profit |
[18.12] |
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Net Profit |
54.12 |
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Fixed Assets |
118.42 |
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Total Assets |
49.21 |
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Profitability |
|
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Cost of Good
Sold |
100.20 |
92.92 |
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Operating Profit Margin |
1.77 |
2.16 |
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S & A
Expenses |
7.81 |
4.92 |
|
Other Revenues |
9.78 |
0.00 |
|
Net Profit Margin |
1.37 |
1.03 |
|
Earning Per Shares |
8.30 |
5.38 |
|
No. of Shares |
40,000 |
40,000 |
Net Sales was
increased by 15.57%,
Operating Profit was
decreased by 18.12%,
Net Profit was
increased by 54.12%,
Fixed Assets was increased by
118.42%, Total Assets
was increased by
49.21%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 92.92%
to 100.20%, Operating
Profit Margin was
decreased from 2.16%
to 1.77%, S
& A Expenses
was increased from
4.92% to 7.81%,
Other Revenues was
increased from 0.00%
to 9.78%, Net
Profit Margin was
increased from 1.03%
to 1.37%.
Earning Per Shares
was increased from
5.38 baht per
share to 8.30
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.16 |
1.24 |
|
Quick-Assets Ratio |
0.52 |
0.99 |
Current Ratio was
decreased from 1.24
to 1.16, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.99 to 0.52,
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 |
6.03 |
4.08 |
D/E Ratio was
increased from 4.08
to 6.03, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
174.30 |
329.42 |
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Total Assets Turnover |
0.75 |
0.96 |
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Return on Assets |
1.02 |
0.99 |
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Return on Equity |
7.20 |
5.04 |
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Day's Payable |
249.96 |
238.67 |
|
Day’s Inventories |
266.67 |
76.40 |
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Day’s Receivables |
211.19 |
293.36 |
Fixed Assets Turnover
was decreased from
329.42 times to
174.30 times, Total
Assets Turnover was
decreased from 0.96
times to 0.75
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 0.99 to
1.02, Return on
Equity was increased
from 5.04 to
7.20, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 239
days to 250
days, and Day’s
Inventories was increased
from 77 days
to 267 days, while Day’s
Receivables was decreased
from 294 days
to 212 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%)