MIRA INFORM REPORT
|
Report Date : |
17.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRIME GEMS [THAI]
CO., LTD. |
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Registered Office : |
31st Floor, Jewelry Trade
Center Building, 919/396 Silom
Road, Silom, 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 : |
12.06.1996 |
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Com. Reg. No.: |
0105539065106 [Former: 1311/2539] |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer,
Distributor and Exporter of Diamond |
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 : |
Usually Correct |
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Litigation : |
Clear |
Name
PRIME
GEMS [THAI] CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 31st FLOOR,
JEWELRY TRADE CENTER
BUILDING,
919/396 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2630-1748
FAX : [66] 2630-1747
E-MAIL
ADDRESS : primegems.co@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1996
REGISTRATION NO. : 0105539065106 [Former: 1311/2539]
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT.
6,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. RAMESBHAI ZAVERBHAI
ITALIYA, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 8
LINES
OF BUSINESS : DIAMOND
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 June 12,
1996 as a
private limited company under the registered name
“Prime Gems Co.,
Ltd.” by Thai
and Indian groups.
On July 18,
1998, subject was
changed its name
to be PRIME GEMS [THAI]
CO., LTD.
The
subject’s objective is
an operator in
diamond trading business.
It currently employs
8 staff.
The
subject’s registered address
was initially located
at 297 Wanglee Bldg., Surawong
Rd., Suriyawongse, Bangrak,
Bangkok 10500.
On
July 18, 2006,
it was moved to 322/57
Surawong Rd., Suriyawongse, Bangrak, Bangkok 10500.
On
February 22, 2007,
it was relocated to 919/396
Silom Rd., Silom,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Anghad Nitesh Ranchhodbhai |
|
Indian |
35 |
|
Mr. Rameshbhai Zaverbhai Italiya |
|
Indian |
37 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Rameshbhai Zaverbhai Italiya
is the Managing Director.
He is Indian nationality with
the age of
37 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and re-exporting various kinds of
diamonds.
IMPORT
100%
of the products is imported
from India.
SALES [LOCAL]
The products are
sold locally by
wholesale to dealers
and jewelry manufacturers.
EXPORT
The products are
re-exported to Hong
Kong and Japan.
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.
Imports are by
L/C at sight or T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 8
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
business in the past years
was brisk due to demand of
diamond and gemstones from jewelry industry had grown well, as well as local consumption and exports of jewelry
products were bright.
However, the
industry is on
downward trend from
slow consumption in
both local and
export markets. Higher
fuel and gold
prices, high inflation
rate and overall
economic uncertain are
the key factors
for declining.
Current
market situation is
not promising, subject’s
business outlook is
likely grow slowly.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000
divided into 40,000
shares of Bht. 100
each.
On
March 11, 2008,
the capital was
increased to Bht. 6,000,000 divided into 60,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at March 8,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Anghad Nitesh Ranchhodbhai Nationality: Indian Address : 6, 7
Bownaka Town, India |
10,600 |
17.66 |
|
Mr. Damenda Deef Bhaipadel Nationality: Indian Address : 212
Walgilvas, Bombay, India |
10,000 |
16.67 |
|
Mr. Rameshbhai Zaverbhai Italiya Nationality: Indian Address : 297
Surawong Rd., Suriyawongse,
Bangrak, Bangkok |
10,000 |
16.67 |
|
Ms. Suthamma Changtaisong Nationality: Thai Address : 92
Moo 9, Panthong,
Saingam, Kampaengpetch |
7,350 |
12.25 |
|
Ms. Pamarin Mungmart Nationality: Thai Address : 222
Moo 3, Pran, Khunharn, Srisaket |
7,350 |
12.25 |
|
Ms. Suchitra Thongchai Nationality: Thai Address : 44/1411
Seehaburanukij Rd., Minburi,
Bangkok |
7,350 |
12.25 |
|
Ms. Sirirak Haeman Nationality: Thai Address : 86/57
Sutthisarn 25 Rd.,
Samsennai,
Phyathai, Bangkok |
7,350 |
12.25 |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Wattana Trikantha No. 2399
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank |
2,159,626.13 |
1,782,685.23 |
|
Trade Accts. Receivable |
11,018,529.76 |
12,261,798.27 |
|
Inventories |
15,986,922.00 |
28,633,411.19 |
|
Other Current Assets
|
586,206.30 |
394,824.66 |
|
Total Current Assets
|
29,751,284.19 |
43,072,719.35 |
|
|
|
|
|
Fixed Assets |
299,375.56 |
115,603.46 |
|
Other Assets |
900.00 |
- |
|
Total Assets |
30,051,559.75 |
43,188,322.81 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Trade Accts. Payable |
17,755,938.42 |
19,787,336.69 |
|
Other Current Liabilities |
290,900.58 |
595,498.35 |
|
Total Current Liabilities |
18,046,839.00 |
20,382,835.04 |
|
Long-term Loan from Person or
Related Company |
- |
11,681,031.65 |
|
Total Liabilities |
18,046,839.00 |
32,063,866.69 |
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|
|
|
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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 |
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning -
Unappropriated |
8,004,720.75 |
7,124,456.12 |
|
Total Shareholders' Equity |
12,004,720.75 |
11,124,456.12 |
|
Total Liabilities & Shareholders' Equity |
30,051,559.75 |
43,188,322.81 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales-Local |
30,802,505.97 |
45,980,964.39 |
|
Sales-Export |
26,820,588.24 |
6,413,444.03 |
|
Other Income |
1,230,046.67 |
1,377,747.41 |
|
Total Revenues |
58,853,140.88 |
53,772,155.83 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
53,482,744.39 |
48,631,446.78 |
|
Selling & Administrative Expenses |
3,515,930.24 |
2,821,545.69 |
|
Total Expenses |
56,998,674.63 |
51,452,992.47 |
|
Profit / [Loss] Before Income
Tax |
1,854,466.25 |
2,319,163.36 |
|
Income Tax |
[376,623.79] |
[480,282.53] |
|
Net Profit / [Loss] |
1,477,842.46 |
1,838,880.83 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
9.98 |
|
|
Operating Profit |
[27.29] |
|
|
Net Profit |
[19.63] |
|
|
Fixed Assets |
158.97 |
|
|
Total Assets |
[30.42] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
92.81 |
92.82 |
|
Operating Profit Margin |
3.22 |
4.43 |
|
S & A
Expenses |
6.10 |
5.39 |
|
Other Revenues |
2.13 |
2.63 |
|
Net Profit Margin |
2.56 |
3.51 |
|
Earning Per Shares |
36.95 |
45.97 |
|
No. of Shares |
40,000 |
40,000 |
Net Sales was
increased by 9.98%,
Operating Profit was
decreased by 27.29%,
Net Profit was
decreased by 19.63%,
Fixed Assets was
increased by 158.97%,
Total Assets was
decreased by 30.42%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 92.82%
to 92.81%, Operating
Profit Margin was
decreased from 4.43%
to 3.22%, S
& A Expenses
was increased from
5.39% to 6.10%,
Other Revenues was
decreased from 2.63%
to 2.13%, Net
Profit Margin was
decreased from 3.51%
to 2.56%.
Earning Per Shares
was decreased from
45.97 baht per
share to 36.95
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.65 |
2.11 |
|
Quick-Assets Ratio |
0.73 |
0.69 |
Current Ratio was
decreased from 2.11
to 1.65, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.69 to 0.73,
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 |
1.50 |
2.88 |
D/E Ratio was
decreased from 2.88
to 1.50, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
192.48 |
453.23 |
|
Total Assets Turnover |
1.92 |
1.21 |
|
Return on Assets |
4.92 |
4.26 |
|
Return on Equity |
12.31 |
16.53 |
|
Day's Payable |
110.93 |
135.96 |
|
Day’s Inventories |
99.88 |
196.74 |
|
Day’s Receivables |
68.84 |
84.25 |
Fixed Assets Turnover
was decreased from
453.23 times to
192.48 times, Total
Assets Turnover was
increased from 1.21
times to 1.92
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
4.26 to 4.92,
Return on Equity
was decreased from
16.53 to 12.31,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 136
days to 111
days, Day’s Inventories
was decreased from
197 days to
100 days, and
Day’s Receivables was
decreased from 85
days to 69
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.68 |
|
UK Pound |
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.62.58 |
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%)