MIRA
INFORM REPORT
|
Report Date : |
28.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MANEE
DIAM CO., LTD. |
|
|
|
|
Registered Office : |
22nd Floor, Bangkok
Gems & Jewellery
Building, 322/54 Surawong
Road, Siphya, Bangrak,
Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
24.03. 2003 |
|
|
|
|
Com. Reg. No.: |
0105546037112 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Distributor of Gems and
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name of the company
MANEE
DIAM CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 22nd FLOOR, BANGKOK GEMS &
JEWELLERY BUILDING,
322/54 SURAWONG
ROAD, SIPHYA,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2631-8990-2
FAX : [66] 2631-8996
E-MAIL
ADDRESS : maneediam@yahoo.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION NO. : 0105546037112
[Former : 10454600656]
CAPITAL REGISTERED : BHT. 15,000,000
CAPITAL PAID-UP : BHT. 10,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
PRAKASH SHAMBHUBHAI ITALIA,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : GEMS
AND JEWELRY PRODUCTS
IMPORTER, EXPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The subject was
established on March
24, 2003 as
a private limited
company under the
name style MANEE
DIAM CO., LTD.
by Indian and
Thai groups, in order
to import and export
of jewelry products.
It currently employs
12 staff.
The subject’s registered address
was initially located at 297 Surawong Rd., Suriyawongse,
Bangrak, Bangkok 10500.
In 2005, it was
relocated to 22nd Floor, Bangkok
Gems & Jewellery Building,
322/54 Surawong Rd.,
Siphya, Bangrak, Bangkok 10500, and this is the
company’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Nilesh Sambhubhai Italiya |
Indian |
33 |
|
Mr. Prakash Sambhubhai Italia |
Indian |
30 |
|
Mrs. Shada Nilesh
Italiya |
Indian |
32 |
AUTHORIZED PERSON
One of the above
directors can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Prakash
Sambhubhai Italia is the
Managing Director.
He is Indian nationality with
the age of
30 years old.
Mr. Nilesh
Sambhubhai Italiya is
the Executive Director.
He is Indian nationality with
the age of
33 years old
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
various kinds of
diamond, gemstones and
jewelry products.
PURCHASE
The products are
purchased from both
domestic and overseas
suppliers mainly in
India Hong Kong, Africa
and Belgium.
SALES
The products are
sold locally, as
well as are
exported by wholesale
to traders and
manufacturers in India,
United States of
America, Japan, Korea,
Taiwan, Singapore, Turkey,
Vietnam, Hong Kong
and European Union
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 or T/T
on negotiated term.
Exports are against
L/C at sight or T/T
on negotiated term.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
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
The subject has
been enjoying an outstanding
performance in previous
years. Its business
trend is in
progress.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each.
The capital was
increased later as
follows:
Bht. 4,000,000
on April 29,
2003
Bht. 10,000,000
on January 17,
2005
Bht. 15,000,000
on May 23, 2008
The latest registered
capital was increased
to Bht. 15,000,000
divided into 150,000
shares of Bht.
100 each with
Bht. 10,000,000 paid-up.
THE SHAREHOLDERS LISTED WERE
[as at April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nilesh
Sambhubhai Italiya Nationality : Indian Address : 322/54
Surawongse Rd., Siphya,
Bangrak, Bangkok 10500 |
15,000 |
15.00 |
|
Mr. Prakash
Sambhubhai Italia Nationality : Indian Address : 322/54
Surawongse Rd., Siphya,
Bangrak, Bangkok 10500 |
15,000 |
15.00 |
|
Mrs. Shada
Niresh Italiya Nationality : Indian Address : 322/54
Surawongse Rd., Siphya, Bangrak, Bangkok
10500 |
15,000 |
15.00 |
|
Mr. Suparp
Chansri Nationality : Thai Address : 41
Moo 14, Nongjaeng, Buengsamphan,
Petchaboon Province |
13,750 |
13.75 |
|
Ms. Jamriang
Narkjai Nationality : Thai Address : 443
Moo 8, Laemrangking, Buengnarang,
Pichitr Province |
13,750 |
13.75 |
|
Mr. Charnnarong Poolsuk Nationality : Thai Address : 9
Moo 6, Saensuk,
Varinchamrab, Ubonratchathani Province |
13,750 |
13.75 |
|
Ms. Nujaree
Chuenjai Nationality : Thai Address : 6
Moo 5, Suksamran, Takfah,
Nakornsawan Province |
13,750 |
13.75 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Wichai Krai-arnont No. 7573
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand & at Bank |
419,254.77 |
164,804.75 |
|
Trade Accts. Receivable |
232,927,092.60 |
136,569,129.25 |
|
Inventories |
327,700,711.55 |
172,802,655.53 |
|
Other Current Assets |
1,499,701.42 |
155,089.69 |
|
|
|
|
|
Total Current
Assets |
562,546,760.34 |
309,691,679.22 |
|
Fixed Assets |
561,055.99 |
692,143.52 |
|
Total Assets |
563,107,816.33 |
310,383,822.74 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft & Short
Term Loan from Financial Institution |
23,977,387.63 |
- |
|
Trade Accts. Payable |
453,802,908.89 |
271,039,780.22 |
|
Accrued Income Tax |
840,791.95 |
296,530.01 |
|
Other Current Liabilities |
2,366,431.59 |
861,185.74 |
|
Total Current
Liabilities |
480,987,520.06 |
272,197,495.97 |
|
|
|
|
|
Loan from Related
Person |
62,800,000.00 |
22,500,000.00 |
|
Total Liabilities |
543,787,520.06 |
294,697,495.97 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 100,000 &
40,000 shares in 2005 & 2004 |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning -
Unappropriated |
9,320,296.27 |
5,686,326.77 |
|
Total
Shareholders' Equity |
19,320,296.27 |
15,686,326.77 |
|
Total
Liabilities & Shareholders' Equity |
563,107,816.33 |
310,383,822.74 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Export Income |
602,080,464.34 |
433,800,628.26 |
|
Gain from Exchange
Rate |
14,590,875.69 |
- |
|
Other Income |
8,802.79 |
28,593.07 |
|
Total Revenues
|
616,680,142.82 |
433,829,221.33 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
595,008,757.76 |
415,689,285.85 |
|
Selling & Administrative Expenses |
16,263,920.35 |
6,193,102.33 |
|
Loss on Exchange
Rate |
- |
8,292,538.10 |
|
Total Expenses |
611,272,678.11 |
430,174,926.28 |
|
|
|
|
|
Profit / [Loss] Before
Interest Expenses & Income Tax |
5,407,464.71 |
3,654,295.05 |
|
Interest Expenses |
[62,197.71] |
- |
|
Income Tax |
[1,711,297.50] |
[1,106,530.01] |
|
Net Profit / [Loss] |
3,633,969.50 |
2,547,765.04 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
38.79 |
|
|
Operating Profit |
[67.39] |
|
|
Net Profit |
42.63 |
|
|
Fixed Assets |
[18.94] |
|
|
Total Assets |
81.42 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
98.83 |
95.82 |
|
Operating Profit Margin |
0.90 |
2.75 |
|
S & A
Expenses |
2.70 |
1.43 |
|
Interest Paid |
0.01 |
0.00 |
|
Other Revenues |
2.42 |
0.01 |
|
Net Profit Margin |
0.60 |
0.59 |
|
Earning Per Shares |
36.34 |
63.69 |
|
No. of Shares |
100,000 |
40,000 |
Net Sales was
increased by 38.79%,
Operating Profit was
decreased by 67.39%,
Net Profit was
increased by 42.63%,
Fixed Assets was decreased by
18.94%, Total Assets
was increased by
81.42%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 95.82%
to 98.83%, Operating
Profit Margin was
decreased from 2.75%
to 0.90%, S
& A Expenses
was increased from
1.43% to 2.70%,
Interest Paid was increased
from 0.00% to
0.01%, Other Revenues
was increased from
0.01% to 2.42%,
Net Profit Margin
was increased from
0.59% to 0.60%.
Earning Per Shares
was decreased from
63.69 baht per
share to 36.34
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.17 |
1.14 |
|
Quick-Assets Ratio |
0.49 |
0.50 |
Current Ratio was
increased from 1.14
to 1.17, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.50 to 0.49,
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 |
28.15 |
18.79 |
|
Times Interest Earned |
86.94 |
0.00 |
D/E Ratio was
increased from 18.79
to 28.15, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
0.00 to 86.94,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1,073.12 |
626.75 |
|
Total Assets Turnover |
1.07 |
1.40 |
|
Return on Assets |
0.65 |
0.82 |
|
Return on Equity |
18.81 |
16.24 |
|
Day's Payable |
271.34 |
224.93 |
|
Day’s Inventories |
195.94 |
143.40 |
|
Day’s Receivables |
139.27 |
113.34 |
Fixed Assets Turnover
was increased from
626.75 times to
1,073.12 times, Total
Assets Turnover was
decreased from 1.40
times to 1.07
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 0.82 to
0.65, Return on
Equity was increased
from 16.24 to
18.81, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 225
days to 272
days, Day’s Inventories
was increased from
144 days to
196 days, and
Day’s Receivables was
increased from 114
days to 140
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%)