MIRA
INFORM REPORT
|
Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BRIGHT FUTURE
GEMS CO., LTD. |
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Registered Office : |
22nd Floor, Jewelry Trade
Center Building, 919/281
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 : |
18.06.1991 |
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Com. Reg. No.: |
0105534056222 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and
Exporter of Precious and
Semi Precious Stones |
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
BRIGHT FUTURE
GEMS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 22nd FLOOR, JEWELRY TRADE
CENTER
BUILDING, 919/281
SILOM ROAD, SILOM,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2630-1901-5
FAX : [66]
2630-1880
E-MAIL ADDRESS : sales@bfgems.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1991
REGISTRATION NO.
: 0105534056222 [Former : 5621/2534]
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.
ASHISH BAID, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 11
LINES OF
BUSINESS : PRECIOUS
AND SEMI PRECIOUS
STONES
IMPORTER, DISTRIBUTOR
AND EXPORTER
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 June
18, 1991 as
a private limited
company under the
name style BRIGHT
FUTURE GEMS CO.,
LTD. by Indian
groups, in order
to import and distribute
precious and semi-precious stones to local market. It currently employs 11
staff.
The subject’s registered
address was initially
located at 75/3
Pan Rd., Silom,
Bangrak, Bangkok 10500.
On January 25,
2005, subject’s registered
address was relocated
to 919/281 Jewelry
Trade Center Bldg.,
Silom Rd., Silom,
Bangrak, Bangkok 10500,
and this is
the company’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
Nationality |
Age |
|
|
|
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|
Mr. Ashish Baid |
Indian |
38 |
|
Mr. Man Prakas
Bohra |
Indian |
28 |
|
Mr. Vijay Singh |
Indian |
30 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Ashish Baid
is the Managing Director.
He is Indian nationality with
the age of
38 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
of precious and
semi precious stones,
beads special in
emerald garnet, amethyst,
moonstone, citrine, blue
topaz, peridot and
etc.
PURCHASE
Most of the
products are imported
from India, Hong
Kong and Africa.
MAJOR SUPPLIER
Shree Arihant Mangal
Exp-Impo Ltd. :
India
SALES
The products are
sold to domestic
and overseas customers
in Hong Kong,
India & Singapore.
RELATED AND AFFILIATED COMPANY
B.F. Gems & Jewelry Ltd.
Business Type :
Importer & exporter of jewelry
products.
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 credit 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 and T/T.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Silom Branch
: Silom Rd.,
Bangrak, Bangkok 10500]
EMPLOYMENT
The
subject employs approximately 11 staff.
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address. It
is located in
commercial area.
COMMENT
In general Thai jewelry producers use a lot of precious and
semi-precious stone from India Most of
good quality stones at the reasonable prices are from this country as well as
largely supplied by Indian company in local market. The subject is one company
among the Indian companies which supplies
various stones from
around the world.
Subject’s business performance
in the previous year remained
strong. However, current
economic slowdown would
dent local consumption
of such products,
and growth is
estimated to be
lower than the
previous year.
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 March
29, 2000
Bht.
6,000,000 on November
5, 2002
Bht. 10,000,000 on January 21,
2008
Bht. 12,000,000 on July 4,
2008
The latest 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 June 30,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Ashish Baid Nationality : Indian Address : 75/3
Pan Rd., Silom,
Bangrak, Bangkok
10500 |
21,900 |
18.25 |
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Mr. Vijay Singh Nationality : Indian Address :
75/3 Pan Rd.,
Silom, Bangrak, Bangkok
10500 |
21,900 |
18.25 |
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Mr. Pawan Kumar Misra Nationality : Thai Address : 45/760
Moo 1, Nongkangplu, Nongkaem, Bangkok |
21,390 |
17.83 |
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Ms. Laksamee Pandev Nationality : Thai Address : 145/1
Hiranruji, Thonburi, Bangkok |
17,140 |
14.28 |
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Mr. Man Prakas Bohra Nationality : Indian Address : 919/281
Silom Rd., Silom,
Bangrak, Bangkok |
12,900 |
10.75 |
|
Mr. Samrit Srikham Nationality : Thai Address : 1461
Dindaeng Rd., Huaykwang,
Bangkok 10320 |
12,385 |
10.32 |
|
Ms. Somporn Phopirom Nationality : Thai Address : 1461
Dindaeng Rd., Huaykwang,
Bangkok 10320 |
12,385 |
10.32 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Pibul Patarodom No. 2206
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 & 2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in Hand
& at Bank |
1,926,981.01 |
841,832.04 |
|
Trade Accts. Receivable |
40,685,716.79 |
45,677,226.74 |
|
Inventories |
23,936,094.27 |
25,882,437.34 |
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Other Current Assets
|
85,183.08 |
111,561.67 |
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|
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Total Current Assets
|
66,633,975.15 |
72,513,057.79 |
|
Fixed Assets |
13,784,759.96 |
13,797,018.64 |
|
Other Assets |
17,361.16 |
- |
|
Total Assets |
80,436,096.27 |
86,310,076.43 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
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Trade Accts. Payable |
50,736,734.20 |
59,581,162.05 |
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Current Portion of Long-term
Loan |
2,224,173.48 |
2,098,417.68 |
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Current Portion of
Hire-purchase Payable |
381,768.25 |
414,380.85 |
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Other Current Liabilities |
1,362,394.25 |
953,295.25 |
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Total Current Liabilities |
54,705,070.18 |
63,047,255.83 |
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Long-term Loan from
Bank |
6,352,116.96 |
8,434,739.69 |
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Hire-purchase Payable |
794,785.70 |
553,799.40 |
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Total Liabilities |
61,851,972.84 |
72,035,794.92 |
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Shareholders' Equity |
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Share capital : Baht 100 par
value authorized, issued
and fully paid
share capital 80,000
& 60,000 shares
in 2007 &
2006 respectively |
8,000,000.00 |
6,000,000.00 |
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Capital Paid |
8,000,000.00 |
6,000,000.00 |
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Retained Earning -
Unappropriated |
10,584,123.43 |
8,274,281.51 |
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Total Shareholders' Equity |
18,584,123.43 |
14,274,281.51 |
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Total Liabilities & Shareholders' Equity |
80,436,096.27 |
86,310,076.43 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
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Sales |
103,018,560.60 |
100,650,514.22 |
|
Export Income |
14,731,967.92 |
4,356,832.07 |
|
Other Income |
2,844,034.11 |
4,648,992.48 |
|
Total Revenues |
120,594,562.63 |
109,656,338.77 |
|
Expenses |
|
|
|
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Cost of Goods
Sold |
109,371,712.45 |
100,216,387.55 |
|
Selling & Administrative Expenses |
7,055,937.12 |
7,529,913.78 |
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Total Expenses |
116,427,649.57 |
107,746,301.33 |
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|
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Profit / [Loss] before Interest
Expenses & Income Tax |
4,166,913.06 |
1,910,037.44 |
|
Interest Expenses |
[786,954.41] |
[109,797.49] |
|
Income Tax |
[1,070,116.73] |
[822,422.54] |
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|
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Net Profit / [Loss] |
2,309,841.92 |
977,817.41 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
12.14 |
|
|
Operating Profit |
94.55 |
|
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Net Profit |
136.22 |
|
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Fixed Assets |
[0.09] |
|
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Total Assets |
[6.81] |
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Profitability |
|
|
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Cost of Good
Sold |
92.88 |
95.44 |
|
Operating Profit Margin |
3.54 |
1.82 |
|
S & A
Expenses |
5.99 |
7.17 |
|
Interest Paid |
0.67 |
0.10 |
|
Other Revenues |
2.42 |
4.43 |
|
Net Profit Margin |
1.96 |
0.93 |
|
Earning Per Shares |
28.87 |
16.30 |
|
No. of Shares |
80,000 |
60,000 |
Net Sales was
increased by 12.14%,
Operating Profit was
increased by 94.55%,
Net Profit was
increased by 136.22%,
Fixed Assets was decreased by
0.09%, Total Assets
was decreased by
6.81%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 95.44%
to 92.88%, Operating
Profit Margin was
increased from 1.82%
to 3.54%, S
& A Expenses
was decreased from
7.17% to 5.99%,
Interest Paid was increased
from 0.10% to
0.67%, Other Revenues
was decreased from
4.43% to 2.42%,
Net Profit Margin
was increased from
0.93% to 1.96%.
Earning Per Shares
was increased from
16.30 baht per
share to 28.87
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.22 |
1.15 |
|
Quick-Assets Ratio |
0.78 |
0.74 |
Current Ratio was
increased from 1.15
to 1.22, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.74 to 0.78,
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 |
3.33 |
5.05 |
|
Times Interest Earned |
5.29 |
17.40 |
D/E Ratio was
decreased from 5.05
to 3.33, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
17.40 to 5.29,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
8.54 |
7.61 |
|
Total Assets Turnover |
1.46 |
1.22 |
|
Return on Assets |
2.87 |
1.13 |
|
Return on Equity |
12.43 |
6.85 |
|
Day's Payable |
155.12 |
204.26 |
|
Day’s Inventories |
73.18 |
88.73 |
|
Day’s Receivables |
124.39 |
156.60 |
Fixed Assets Turnover
was increased from
7.61 times to
8.54 times, Total
Assets Turnover was
increased from 1.22
times to 1.46
times, show the company could
use Assets so
efficiently, Return on
Assets was increased
from 1.13 to
2.87, Return on
Equity was increased
from 6.85 to
12.43, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 205
days to 156
days, Day’s Inventories
was decreased from
89 days to
74 days, and
Day’s Receivables was
decreased from 157
days to 125
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.46 |
|
UK Pound |
1 |
Rs.83.37 |
|
Euro |
1 |
Rs.64.46 |
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 |
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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%)