MIRA
INFORM REPORT
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Report Date : |
27.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
HINA
ORCHIDS CO., LTD. |
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Registered Office : |
191/3 Sivalai Condominium Building, Soi
Wadmaipirane, Isaraphap Road, T. Wadthaphra, A. Bangkokyai, Bangkok 10600 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
28.06. 2006 |
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Com. Reg. No.: |
0105549077590 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and
Exporter of Orchids,
Diamonds and Gemstones |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New and Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
HINA ORCHIDS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 191/3 SIVALAI CONDOMINIUM BUILDING,
SOI WADMAIPIRANE, ISARAPHAP ROAD,
T.
WADTHAPHRA, A. BANGKOKYAI,
BANGKOK 10600,
THAILAND
TELEPHONE : [66] 2864-1658,
08 750-5851
FAX : [66] 2864-1658
E-MAIL
ADDRESS : mahdnverma 2006@yahoo.com.go.in
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION NO. : 0105549077590
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT. 2,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. MAHENDRA BANWARILAL
VERMA, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : ORCHIDS, DIAMONDS AND GEMSTONES
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on June 28,
2006 as a
private limited company under the name style
HINA ORCHIDS CO.,
LTD., by Thai
and Indian groups,
with the business
objective to engage
in international trading
business. It currently
employs 3 staff.
The
subject’s registered address is 191/3 Soi Wadmaipirane, Isaraphap Rd., Wadthaphra,
Bangkokyai, Bangkok 10600,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
Mr. Mahendra Banwarilal Verma
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Mahendra Banwarilal
Verma is the
Managing Director.
He is Indian nationality with
the age of
40 years old.
BUSINESS OPERATIONS
The subject is engaged in
importing and distributing diamonds and gemstones,
as well as
exporting fresh orchids
by customer’s order.
PURCHASE
Orchids are purchased
from local supplier.
IMPORT
Diamonds
and gemstone are
imported from India.
SALES [LOCAL]
The products are
sold locally by
wholesale to dealers,
manufacturers and end-users.
EXPORT
Fresh orchid is
exported to India,
Hong Kong and
Malaysia.
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 T/T.
Exports are against
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 3
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
REMARK
CREDIT
OF US$ 500,000 AGAINST D/A
TERMS SHOULD BE
ON SECURED BASIS.
COMMENT
The
subject’s first year
operation in 2006
was slow. However,
its sales from
exports has gradually
increased in 2007,
but growth is
at slow pace.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided
into 20,000 shares of
Bht. 100 each with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2007]
|
NAME |
HOLDING |
% |
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Mr.
Mahendra Banwarilal Verma Nationality: Indian Address : 191/3 Isaraphap
Rd., Wadthaphra, Bangkokyai, Bangkok |
9,800 |
49.00 |
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Mr. Pichet Lao Nationality: Thai Address : 79/3
Moo 6, Maehad,
Klongklung,
Kampaengpetch |
1,700 |
8.50 |
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Mr.
Kritakorn Nanthasane Nationality: Thai Address : 113
Moo 3, Banchaeng, Arj-samart, Roi-ed |
1,700 |
8.50 |
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Ms. Rujira Udomkarntong Nationality: Thai Address : 345
Moo 4, Nuamuang,
Muang, Roi-ed |
1,700 |
8.50 |
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Mr. Suradej Kamolyuthachai Nationality: Thai Address : 3/1
Moo 5, Mokchampae, Maehongsorn |
1,700 |
8.50 |
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Mrs.
Chutima Saengphrom Nationality: Thai Address : 99
Moo 12, Sumsao,
Phen, Udornthani |
1,700 |
8.50 |
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Mrs. Sunee Chanthong Nationality: Thai Address : 89
Moo 4, Pangkhao,
Ranode, Songkhla |
1,700 |
8.50 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Dara Parksuchon No. 1312
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 was:
ASSETS
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Current Assets |
2006 |
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Cash in hand
& at Bank
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56,035.50 |
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Trade Accts. Receivable |
49,861.65 |
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Short Term Loan
to Related Person |
1,800,000.00 |
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Other Current Assets
|
32,276.71 |
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Total Current
Assets |
1,938,173.86 |
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Total Assets |
1,938,173.86 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2006 |
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Deposit |
137,677.04 |
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Other Current Liabilities |
100,773.26 |
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Total Current
Liabilities |
238,450.30 |
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Total Liabilities |
238,450.30 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
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Capital Paid |
2,000,000.00 |
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Retained Earning -
Unappropriated |
[300,276.44] |
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Total
Shareholders' Equity |
1,699,723.56 |
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Total
Liabilities & Shareholders' Equity |
1,938,173.86 |
PROFIT & LOSS ACCOUNT
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Revenue |
June
28, 2006- Dec.
31, 2006 |
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Sales |
436,111.65 |
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Other Income |
34,480.18 |
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Total Revenues
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470,591.83 |
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Expenses |
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Cost of Goods
Sold |
488,188.00 |
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Selling & Administrative Expenses |
282,680.27 |
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Total Expenses |
770,868.27 |
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Net Profit / [Loss] |
[300,276.44] |
FINANCIAL ANALYSIS
Profitability
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Profitability |
2006 |
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Cost of Good
Sold |
111.94 |
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Operating Profit Margin |
[68.85] |
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S & A Expenses |
64.82 |
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Other Revenues |
7.91 |
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Net Profit Margin |
[68.85] |
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Earning Per Shares |
[15.01] |
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No. of Shares |
20,000 |
Compare each cost
with sales, Cost of
Good Sold was
111.94%, Operating Profit
Margin was -68.85,
S & A
Expenses was 64.82%,
Other Revenues was
7.91%, Net Profit
Margin was -68.85%.
Earning Per Shares
was -15.01 baht
per share.
Liquidity
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Liquidity |
2006 |
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Current Ratio |
8.13 |
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Quick-Assets Ratio |
7.99 |
Current Ratio was
8.13, show Current
Assets can cover
Current Liabilities, Liquidity
Ratio of the
company was good,
Quick-Assets Ratio was
7.99, capacity to
pay Short Term
Loan was good
too, because Current
Assets without Inventory
can cover Current
Liabilities.
Leverage
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Leverage |
2006 |
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D/E Ratio |
0.14 |
D/E Ratio was
0.14, show the
company had fund
from Equity more
than fund from
Loan, investment risked
of the company is low.
Efficiency
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Efficiency |
2006 |
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Total Assets Turnover |
0.23 |
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Return on Assets |
[15.49] |
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Return on Equity |
[17.67] |
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Day’s Receivables |
41.16 |
Total Assets Turnover
was 0.23 times,
show the company
could use Assets
so efficiently, Return
on Assets was
-15.49, Return on
Equity was -17.67,
capacity to use
Assets to make
profit was not
good.
Day’s Receivables was
42 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%)