MIRA
INFORM REPORT
|
Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JAY GEMS LIMITED |
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Registered Office : |
24th Floor, Surawongwattanakarn Building, 322/65 Surawong Road, Siphaya, Bangrak, Bangkok
10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
14.08.1987 |
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Com. Reg. No.: |
0105530040704 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and Exporter of Diamond 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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
JAY GEMS LIMITED
SUMMARY
BUSINESS ADDRESS : 24th FLOOR, SURAWONGWATTANAKARN BUILDING,
322/65 SURAWONG
ROAD, SIPHAYA,
BANGRAK, BANGKOK
10500
TELEPHONE : [66]
2237-8411-5
FAX : [66] 2238-4773
E-MAIL ADDRESS : info@jaygems.net
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION NO.
: 0105530040704 [Former
: 4070/ 2530]
CAPITAL REGISTERED
: BHT.
25,000,000
CAPITAL PAID-UP
: BHT.
25,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SACHIN JITENDRA MEHTA, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 10
LINES OF
BUSINESS : DIAMOND 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 August 14,
1987 as a
private limited company under the name style
JAY GEMS LIMITED, by
Thai and Indian
groups. It is engaged
in diamonds and
jewelry trading business.
It currently employs
approximately 10 staff.
Subject
is an affiliated company
of Sergin Diamond Pte. Ltd.
in Singapore.
The
subject’s registered address
is 322/65, 322/67
Surawong Rd., Siphaya,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
|
|
|
|
Mr. Sachin Jitendra Mehta |
|
Indian |
42 |
|
Mr. Chetan Fravincharn Jhaveri |
|
Indian |
40 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Sachin Jitendra Mehta
is the Managing Director.
He is Indian nationality with
the age of
42 years old.
BUSINESS OPERATIONS
The subject is
a trader of
diamonds, and jewelry products
comprising:
- Importer and distributor
of diamonds and
gemstones.
- Exporter of polished
diamonds, loose diamonds
and jewelry products.
IMPORT
Some
of the products are imported
from India and
Belgium.
SALES
The products are
sold locally by
wholesale to dealers,
manufacturers and end-users.
EXPORT
Its
products are exported
to India, Republic
of China, Malaysia,
U.S.A. 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
United Overseas Bank
[Thai] Public Co.,
Ltd.
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
This year, the
subject’s business is relatively
slow from decline consumption of luxurious goods.
Spending on jewelry products and diamonds currently
withdraw from buyers
in both domestic
and export markets,
after they experienced of world
economic meltdown from subprime,
banking and financial
sectors in USA. Tightening
consumers expenses will
cut the growth
of jewelry industry this
year.
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. 11,000,000
on December 12,
1991
Bht. 25,000,000
on October 28,
2004
The
latest registered capital
was increased to
Bht. 25,000,000 divided into
250,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
4, 2005]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Sergin Diamond Pte.
Ltd. Nationality: Singaporean Address : 80
Raffle Rd., Singapore |
112,500 |
45.00 |
|
Ms. Ajchima Homchan Nationality: Thai Address : 194/1
Moo 6, Bangpoon, Muang,
Pathumthani |
25,500 |
10.20 |
|
Ms. Prapaisri Thongwatana Nationality: Thai Address : 24
Moo 3, Thrasaeng, Samkok,
Pathumthani |
25,500 |
10.20 |
|
Ms. Kanitha Puangpetra Nationality: Thai Address : 94/25
Ladprao Rd., Ladyao,
Bangkhen, Bangkok |
25,500 |
10.20 |
|
Mrs. Wandee Chamsanong Nationality: Thai Address : 1/133
Moo 6, Klongthanon, Bangkhen,
Bangkok |
25,500 |
10.20 |
|
Mrs. Chintana Suksabai Nationality: Thai Address : 53
Moo 1, Donyor,
Muang, Nakornnayok |
25,500 |
10.20 |
|
Mr. Chetan Pravincharn Jhaveri Nationality: Indian Address : Bombay,
India |
10,000 |
4.00 |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Suchart Srimanchantra No. 3549
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in Hand & at Bank |
756,672.75 |
441,824.56 |
|
Trade Accts. Receivable |
19,589,404.47 |
17,229,266.81 |
|
Inventories |
52,099,930.90 |
99,122,591.62 |
|
Total Current Assets
|
72,446,008.12 |
116,793,682.99 |
|
|
|
|
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Fixed Assets |
3,968,465.67 |
4,004,316.81 |
|
Other Assets |
692,849.87 |
692,849.87 |
|
Total Assets |
77,107,323.66 |
121,490,849.67 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Accrued Expenses |
663,470.87 |
278,754.98 |
|
Trade Accts. Payable |
41,253,240.03 |
87,010,342.91 |
|
Bank Overdraft |
4,671,240.03 |
4,826,467.74 |
|
Total Current Liabilities |
46,587,950.93 |
92,115,565.63 |
|
|
|
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Total Liabilities |
46,587,950.93 |
92,115,565.63 |
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Shareholders' Equity |
|
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|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 250,000 shares |
25,000,000.00 |
25,000,000.00 |
|
Capital Paid |
25,000,000.00 |
25,000,000.00 |
|
Retained Earning -
Unappropriated |
5,519,372.73 |
4,375,284.04 |
|
Total Shareholders' Equity |
30,519,372.73 |
29,375,284.04 |
|
Total Liabilities & Shareholders' Equity |
77,107,323.66 |
121,490,849.67 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
144,344,215.27 |
86,666,595.47 |
|
Other Income |
10,407,174.18 |
1,964,434.50 |
|
Total Revenues |
154,751,389.45 |
88,631,029.97 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
146,233,911.60 |
81,240,522.40 |
|
Selling & Administrative Expenses |
6,437,248.16 |
6,176,156.32 |
|
Total Expenses |
152,671,159.76 |
87,416,678.72 |
|
Profit/[Loss] Before
Interest Expenses |
2,080,229.69 |
1,214,351.25 |
|
Interest Expenses |
[391,280.29] |
[401,433.90] |
|
Profit/[Loss] Before Income Tax |
1,688,949.40 |
812,917.35 |
|
Income Tax |
[544,860.71] |
[332,383.80] |
|
Net Profit / [Loss] |
1,144,088.69 |
480,533.55 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
66.55 |
|
|
Operating Profit |
2.85 |
|
|
Net Profit |
138.09 |
|
|
Fixed Assets |
[0.90] |
|
|
Total Assets |
[36.53] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
101.31 |
93.74 |
|
Operating Profit Margin |
1.44 |
1.40 |
|
S & A
Expenses |
4.46 |
7.13 |
|
Interest Paid |
0.27 |
0.46 |
|
Other Revenues |
7.21 |
2.27 |
|
Net Profit Margin |
0.79 |
0.55 |
|
Earning Per Shares |
4.58 |
1.92 |
|
No. of Shares |
250,000 |
250,000 |
Net Sales was
increased by 66.55%,
Operating Profit was
increased by 2.85%,
Net Profit was
increased by 138.09%,
Fixed Assets was
decreased by 0.90%,
Total Assets was
decreased by 36.53%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 93.74%
to 101.31%, Operating
Profit Margin was
increased from 1.40%
to 1.44%, S
& A Expenses
was decreased from
7.13% to 4.46%,
Interest Paid was decreased
from 0.46% to
0.27%, Other Revenues
was increased from
2.27% to 7.21%,
Net Profit Margin
was increased from
0.55% to 0.79%.
Earning Per Shares
was increased from
1.92 baht per
share to 4.58
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.56 |
1.27 |
|
Quick-Assets Ratio |
0.44 |
0.19 |
Current Ratio was
increased from 1.27
to 1.56, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.19 to 0.44,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
1.53 |
3.14 |
|
Times Interest Earned |
5.32 |
3.03 |
D/E Ratio was
decreased from 3.14
to 1.53, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
3.03 to 5.32,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
36.37 |
21.64 |
|
Total Assets Turnover |
1.87 |
0.71 |
|
Return on Assets |
1.48 |
0.40 |
|
Return on Equity |
3.75 |
1.64 |
|
Day's Payable |
102.89 |
361.43 |
|
Day’s Inventories |
129.94 |
411.74 |
|
Day’s Receivables |
48.86 |
71.57 |
Fixed Assets Turnover
was increased from
21.64 times to
36.37 times, Total
Assets Turnover was
increased from 0.71
times to 1.87
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
0.40 to 1.48,
Return on Equity
was increased from
1.64 to 3.75,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 362
days to 103
days, Day’s Inventories
was decreased from
412 days to
130 days, and
Day’s Receivables was
decreased from 72
days to 49
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
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%)