MIRA
INFORM REPORT
|
Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHINTAMANEE GEMS
CO., LTD. |
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Formerly Known As : |
CRYSTAL
DIAM CO., LTD |
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Registered Office : |
1249/133 B, 14th Floor, Gems
Tower, Charoenkrung Road,
Suriyawongse, 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 : |
07.07.1997 |
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Com. Reg. No.: |
0105540063138 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Diamonds and Gemstones |
RATING &
COMMENTS
|
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
CHINTAMANEE GEMS
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 1249/133
B, 14th FLOOR, GEMS
TOWER,
CHAROENKRUNG ROAD, SURIYAWONGSE, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2267-4571
FAX : [66]
2267-4572
E-MAIL ADDRESS : N/A
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1997
REGISTRATION NO.
: 0105540063138 [Former : 920/2540]
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.
AJAY P. GANOHI,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 5
LINES OF
BUSINESS : DIAMONDS
AND GEMSTONES
IMPORTER &
DISTRIBUTOR
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 July
7, 1997 as
a private limited
company under the
registered name “Crystal
Diam Co., Ltd.”
by Thai and
Indian groups, in
order to engage
in jewellery trading
business.
On December 29,
1997 the name
was changed to
CHINTAMANEE GEMS CO.,
LTD. It currently employs
5 staff.
The subject’s registered
address is 1249/133
B, Gems Tower,
Charoenkrung Rd., Suriyawongse, Bangrak, Bangkok 10500,
and this is
the company’s current operation address.
THE BOARD OF DIRECTOR
Mr. Ajay P.
Ganohi
AUTHORIZED PERSON
Only Mr. Ajay
P. Ganohi can
sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Ajay P.
Ganohi 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 various
kinds of diamonds
and gemstones.
PURCHASE
The products are
purchased from both
local and overseas
suppliers in India.
MAJOR SUPPLIERS
Prinyanka Gems Ltd. : India
SALES
100% of the
products are sold
locally by wholesale
to traders and
manufacturers.
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
on negotiated term.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 5 office
and sales 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 remains
stable, which diamonds from India are still popular among local
consumers due to its fine quality
and lower prices than those from
Belgium or South Africa. Subject posted
its stronger sales
for 2007 than
the previous year.
However, current economic
slowdown would resulted
to slow sales
this year.
FINANCIAL INFORMATION
The capital was
registered at Bht. 4,000,000 divided into
40,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 28,
2008]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Ajay P.
Ganohi Nationality : Indian Address : 802
Nipenchi Rd., Bombay,
India |
10,000 |
25.00 |
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Mr. Montri Saengow Nationality : Thai Address : 22/2
Surawong Rd., Suriyawongse, Bangrak,
Bangkok 10500 |
5,400 |
13.50 |
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Mrs. Meena Ajay
Gandee Nationality : Indian Address : 802
Nipenchi Rd., Bombay,
India |
5,000 |
12.50 |
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Mr. Santi Leechalad Nationality : Thai Address : 86
Krungkasem Rd., Klong
Mahanak,
Pomprab, Bangkok 10100 |
5,000 |
12.50 |
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Mr. Praset Langsanti Nationality : Thai Address : 283
Dindaeng Rd., Samsennai, Phyathai,
Bangkok 10400 |
5,000 |
12.50 |
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Mr. Pratuan Pakdeesuk Nationality : Thai Address : 3
Moo 8, Wanghamhae, Khanuvoralakburi,
Kampaengpetch Province |
5,000 |
12.50 |
|
Mrs. Madu P.
Gandee Nationality : Indian Address : 802
Nipenchi Rd., Bombay,
India |
4,600 |
11.50 |
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, 2007 & 2006
were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
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Cash in hand
& at Bank
|
322,972.72 |
396,687.81 |
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Trade Accts. Receivable |
5,729,698.76 |
9,111,903.89 |
|
Inventories |
11,494,889.86 |
14,039,778.14 |
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Other Current Assets
|
889,566.94 |
709,794.82 |
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Total Current Assets
|
18,437,128.28 |
24,258,164.66 |
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|
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Fixed Assets |
110,468.18 |
141,797.71 |
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Total Assets |
18,547,596.46 |
24,399,962.37 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft from Bank |
290,082.67 |
- |
|
Trade Accts. Payable |
13,753,026.26 |
16,970,061.08 |
|
Payable Loan to Director |
400,000.00 |
3,600,000.00 |
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Other Current Liabilities |
69,075.08 |
222,637.22 |
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Total Current Liabilities |
14,512,184.01 |
20,792,698.30 |
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Total Liabilities |
14,512,184.01 |
20,792,698.30 |
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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 |
35,412.45 |
[392,735.93] |
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Total Shareholders' Equity |
4,035,412.45 |
3,607,264.07 |
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Total Liabilities & Shareholders' Equity |
18,547,596.46 |
24,399,962.37 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
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|
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Sales |
28,213,829.52 |
15,995,475.18 |
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Gain on Exchange Rate |
926,588.96 |
753,759.63 |
|
Interest Income |
8,128.01 |
- |
|
Other Income |
- |
0.41 |
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Total Revenues |
29,148,546.49 |
16,749,235.22 |
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Expenses |
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Cost of Goods
Sold |
27,474,449.66 |
15,353,160.48 |
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Selling & Administrative Expenses |
1,155,679.43 |
1,049,059.11 |
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Total Expenses |
28,630,129.09 |
16,402,219.59 |
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Profit/[Loss] Before Interest Expenses & Income Tax |
518,417.40 |
347,015.63 |
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Interest Expenses |
[4,580.72] |
- |
|
Income Tax |
[85,688.30] |
[68,525.84] |
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Net Profit / [Loss] |
428,148.38 |
278,489.79 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
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Net Sales |
76.39 |
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Operating Profit |
[15.30] |
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Net Profit |
53.74 |
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Fixed Assets |
[22.09] |
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Total Assets |
[23.99] |
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Profitability |
|
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Cost of Good
Sold |
97.38 |
95.98 |
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Operating Profit Margin |
1.84 |
2.17 |
|
S & A
Expenses |
4.10 |
6.56 |
|
Interest Paid |
0.02 |
0.00 |
|
Other Revenues |
3.31 |
4.71 |
|
Net Profit Margin |
1.52 |
1.74 |
|
Earning Per Shares |
10.70 |
6.96 |
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No. of Shares |
40,000 |
40,000 |
Net Sales was
increased by 76.39%,
Operating Profit was
decreased by 15.30%,
Net Profit was
increased by 53.74%,
Fixed Assets was
decreased by 22.09%,
Total Assets was
decreased by 23.99%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 95.98%
to 97.38%, Operating
Profit Margin was
decreased from 2.17%
to 1.84%, S
& A Expenses
was decreased from
6.56% to 4.10%,
Interest Paid was increased
from 0.00% to
0.02%, Other Revenues
was decreased from
4.71% to 3.31%,
Net Profit Margin
was decreased from
1.74% to 1.52%.
Earning Per Shares
was increased from
6.96 baht per
share to 10.70
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.27 |
1.17 |
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Quick-Assets Ratio |
0.42 |
0.46 |
Current Ratio was
increased from 1.17
to 1.27, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
so good, Quick-Assets Ratio was decreased
from 0.46 to
0.42, 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 |
3.60 |
5.76 |
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Times Interest Earned |
113.17 |
0.00 |
D/E Ratio was
decreased from 5.76
to 3.60, 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 113.17, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
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Fixed Assets Turnover |
255.40 |
112.80 |
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Total Assets Turnover |
1.52 |
0.66 |
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Return on Assets |
2.31 |
1.14 |
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Return on Equity |
10.61 |
7.72 |
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Day's Payable |
175.48 |
381.93 |
|
Day’s Inventories |
146.67 |
315.98 |
|
Day’s Receivables |
73.11 |
205.08 |
Fixed Assets Turnover
was increased from
112.80 times to
255.40 times, Total
Assets Turnover was increased from 0.66
times to 1.52
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
1.14 to 2.31,
Return on Equity
was increased from
7.72 to 10.61,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 382
days to 176
days, Day’s Inventories
was decreased from
316 days to
147 days, and
Day’s Receivables was
decreased from 206
days to 74
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
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%)