MIRA
INFORM REPORT
|
Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRITI
GEMS CO., LTD. |
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Registered Office : |
Suite 3110, 31st Floor, Jewelery
Trade Center, 919/395
Silom Road, Silom, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
15.05. 1990 |
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Com. Reg. No.: |
0105533054463 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of Diamonds and Gemstone |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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
PRITI
GEMS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : SUITE 3110, 31st
FLOOR, JEWELERY TRADE
CENTER, 919/395
SILOM ROAD, SILOM,
BANGRAK, BANGKOK
10500
TELEPHONE : [66] 2630-0048-9
FAX : [66] 2630-0047
E-MAIL
ADRESS : pritigem@samart.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1990
REGISTRATION NO. : 0105533054463
[Former : 5445/ 2533]
CAPITAL REGISTERED : BHT.
12,000,000
CAPITAL PAID-UP : BHT. 12,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
DEVEN HARSHAD KUMAR
DOSHI, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 14
LINES
OF BUSINESS : DIAMONDS AND GEMSTONE
TRADING
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 May 15,
1990 as a
private limited company
under the name
style PRITI GEMS
CO., LTD., by
Thai and Indian
groups, to be
engaged in jewelry
trading business. It
currently employs 14
staff.
The
subject’s registered address
is 919/395 Jewelry
Trade Center, Silom
Rd., Silom, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Deven Harshad Kumar
Doshi |
|
Indian |
41 |
|
Mr. Chandra Kumar Purohit |
|
Indian |
- |
|
Mr. Jay Harshad Kumar
Doshi |
|
Indian |
49 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Deven Harshad
Kumar Doshi is
the Managing Director.
He is Indian nationality with
the age of
41 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
diamonds and gemstones,
as well as
exporting of Thai
cutting diamonds and
pearl.
PURCHASE
Thai cutting diamonds
are purchased from
local suppliers.
IMPORT
Diamonds
and gemstones are
imported from India,
Japan, Hong Kong,
Belgium and North
America.
MAJOR SUPPLIER
Sejal
Gems Pvt. Ltd. : India
SALES
The import products
are sold locally
to wholesalers and
jewelry manufacturers.
EXPORT
Thai
diamond and pearl
are exported to
India, Hong Kong,
U.S.A. and European 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.
Exports are against
L/C at sight or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok]
EMPLOYMENT
The
subject employs 14
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a prime
commercial area.
COMMENT
Most of Thai manufacturers in
the jewelry industry are original
equipment manufacturers (OEM)
which supply products to international buyers. Consequently, Thai jewelry
producers were encouraged by the government to improve of their products
in term of brand, design, quality and
technology processing, including
cutting diamond.
The subject’s products currently
play a significant role in supplying advance and
technology of cutting diamond
from Thai manufacture
into international markets.
The
subject’s business remains
brisk.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 4,000,000 divided into 40,000
shares of Bht.
100 each.
On
October 17, 1996,
the capital was
increased to Bht. 12,000,000 divided into 120,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Deven Harshad
Kumar Doshi Nationality: Indian Address : 62
Tardiw Rd., Bombay,
India |
58,800 |
49.00 |
|
Mrs. Ratri Samanavanich Nationality: Thai Address : 84
Phyathai Rd., Thungphyathai, Phyathai, Bangkok |
13,200 |
11.00 |
|
Ms. Rawadee A.
Esari Nationality: Thai Address : 229/25
Petchburi Rd., Thungphyathai,
Phyathai, Bangkok |
9,600 |
8.00 |
|
Ms.
Cholrudee Chantadul Nationality: Thai Address : 229/25
Petchburi Rd., Thungphyathai,
Phyathai, Bangkok |
9,600 |
8.00 |
|
Mr.
Boonlert Phuprakorn Nationality: Thai Address : 433/12
Petchburi Rd., Thungphyathai,
Phyathai, Bangkok |
9,600 |
8.00 |
|
Ms. Anthana Boonmalert Nationality: Thai Address : 30/1
Moo 5, Yothaka, Bangnampriew,
Chachoengsao |
9,600 |
8.00 |
|
Mrs.
Sumalee Langsanti Nationality: Thai Address : 283
Asoke - Dindaeng Rd., Samsennai, Phyathai, Bangkok
|
9,600 |
8.00 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Thanawat Ek-aranpong No. 5465
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current
Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand & at Bank |
2,075,752.68 |
3,371,838.97 |
|
Trade Accts. & Notes
Receivable |
99,649,364.10 |
93,719,575.97 |
|
Inventories |
180,923,096.43 |
161,104,292.19 |
|
Other Current Assets |
91,350.21 |
52,603.40 |
|
Total Current
Assets |
282,739,563.42 |
258,248,310.53 |
|
|
|
|
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Fixed Assets |
1,535,182.70 |
792,460.01 |
|
Other Assets |
- |
591,250.00 |
|
Total Assets |
284,274,746.12 |
259,632,020.54 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
239,174,165.30 |
231,265,945.00 |
|
Short Term Loan
from Person & Related Company |
17,184,336.49 |
19,680,431.65 |
|
Accrued Income Tax |
4,034,870.68 |
- |
|
Other Current Liabilities |
1,555,510.27 |
1,282,550.19 |
|
Total Current
Liabilities |
261,948,88.74 |
252,228,926.84 |
|
Total Liabilities |
261,948,88.74 |
252,228,926.84 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 120,000 shares |
12,000,000.00 |
12,000,000.00 |
|
Capital Paid |
12,000,000.00 |
12,000,000.00 |
|
Retained Earning -
Unappropriated |
10,325,863.38 |
[4,596,906.30] |
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Total
Shareholders' Equity |
22,325,863.38 |
7,403,093.70 |
|
Total
Liabilities & Shareholders' Equity |
284,274,746.12 |
259,632,020.54 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales |
425,014,406.82 |
379,922,317.37 |
|
Other Income |
31,680,031.65 |
- |
|
Total Revenues
|
456,694,438.47 |
379,922,317.37 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
420,587,324.51 |
369,355,662.31 |
|
Selling & Administrative Expenses |
14,010,580.78 |
15,011,136.70 |
|
Total Expenses |
434,597,905.29 |
384,366,799.01 |
|
Profit / [Loss] from Interest
Expenses & Income Tax |
22,096,533.18 |
[4,444,481.64] |
|
Interest Expenses |
[438,898.82] |
- |
|
Income Tax |
[6,734,864.68] |
- |
|
Net Profit / [Loss] |
14,922,769.68 |
[4,444,481.64] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
11.87 |
|
|
Operating Profit |
[544.42] |
|
|
Net Profit |
435.76 |
|
|
Fixed Assets |
93.72 |
|
|
Total Assets |
9.49 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
98.96 |
97.22 |
|
Operating Profit Margin |
5.20 |
[1.17] |
|
S & A
Expenses |
3.30 |
3.95 |
|
Interest Paid |
0.10 |
0.00 |
|
Other Revenues |
7.45 |
0.00 |
|
Net Profit Margin |
3.51 |
[1.17] |
|
Earning Per Shares |
124.36 |
[37.04] |
|
No. of Shares |
120,000 |
120,000 |
Net Sales was
increased by 11.87%,
Operating Profit was decreased by
544.42%, Net Profit
was increased by
435.76%, Fixed Assets
was increased by
93.72%, Total Assets
was increased by
9.49%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 97.22%
to 98.96%, Operating
Profit Margin was
increased from -1.17%
to 5.20%, S
& A Expenses
was decreased from
3.95% to 3.30%,
Interest Paid was increased
from 0.00% to
0.10%, Other Revenues
was increased from
0.00% to 7.45%,
Net Profit Margin
was increased from
-1.17% to 3.51%.
Earning Per Shares
was increased from
-37.04 baht per
share to 124.36
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.08 |
1.02 |
|
Quick-Assets Ratio |
0.39 |
0.38 |
Current Ratio was
increased from 1.02
to 1.08, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was good,
Quick-Assets Ratio was
increased from 0.38
to 0.39, 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 |
11.73 |
34.07 |
|
Times Interest Earned |
50.35 |
0.00 |
D/E Ratio was
decreased from 34.07
to 11.73, 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 50.35,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
276.85 |
479.42 |
|
Total Assets Turnover |
1.50 |
1.46 |
|
Return on Assets |
5.25 |
[1.71] |
|
Return on Equity |
66.84 |
[60.04] |
|
Day's Payable |
202.59 |
219.14 |
|
Day’s Inventories |
153.25 |
152.66 |
|
Day’s Receivables |
84.41 |
88.81 |
Fixed Assets Turnover
was decreased from
479.42 times to 276.85 times,
Total Assets Turnover
was increased from
1.46 times to
1.50 times, show
the company could
use Assets so
efficiently, Return on
Assets was increased
from -1.71 to
5.25, Return on
Equity was increased
from -60.04 to
66.84, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 220
days to 203
days, while Day’s
Inventories was increased
from 153 days
to 154 days, but Day’s
Receivables was decreased
from 89 days
to 85 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.88 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
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%)