MIRA
INFORM REPORT
|
Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VIR
DIAM CO., LTD. |
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|
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Registered Office : |
30th Floor, Itf-Silom
Palace Building, 160/769 Silom
Road, Suriyawongse,
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 : |
17.03.2003 |
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Com. Reg. No.: |
0105546033575 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and
Exporter of Diamonds and Gemstones |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
VIR DIAM
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 30th FLOOR,
ITF-SILOM PALACE BUILDING,
160/769 SILOM
ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2234-5733
FAX : [66] 2234-5733
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION NO. : 0105546033575
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. SUJAL KUMAR KERULBHAI MEHTA,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 2
LINES
OF BUSINESS : DIAMONDS AND GEMSTONES
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 March 17,
2003 as a
private limited company under the name style VIR
DIAM CO., LTD.,
by Thai and
Indian groups, with
the business objective
to operate as
a diamond trading
business for both domestic
and international markets.
It currently employs
2 staff.
The
subject’s registered address
is 160/769 Silom
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sujal Kumar Kerulbhai
Mehta |
|
Indian |
31 |
|
Mrs. Sital Sujal Mehta |
|
Indian |
32 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Sujal Kumar
Kerulbhai Mehta is
the Managing Director.
He is Indian nationality with
the age of
31 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing, distributing and
exporting various kinds
of diamonds and
gemstones.
PURCHASE
The export’s products
are purchased from
local supplier.
IMPORT
The
products are imported
from India, Hong
Kong and Africa.
SALES
90% of the products is
sold locally by
wholesale to traders
and manufacturers.
EXPORT
The subject exported
10% of the products to
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 2
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 is a
trading company for
diamond and gemstones. Its sales remains
slow due to
slow consumption of
jewelry products in domestic market.
Growth in 2008
is expected at
slow pace.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht. 100 each.
On
January 24, 2008, the capital was increased to
Bht. 4,000,000 divided into
40,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at January 23,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sujal Kumar
Kerulbhai Mehta Nationality: Thai Address : 160/769
Silom Rd., Suriyawongse, Bangrak, Bangkok |
12,000 |
30.00 |
|
Mrs. Sital Sujal
Mehta Nationality: Thai Address : 160/769
Silom Rd., Suriyawongse, Bangrak, Bangkok |
7,600 |
19.00 |
|
Mr. Viwat Palapong Nationality: Thai Address : 103
Moo 2, Napho,
Pibulmangsaharn,
Ubonratchathani |
4,400 |
11.00 |
|
Ms.
Sivaporn Natesawang Nationality: Thai Address : 20
Moo 2, Sanamyae,
Thamaka, Kanchanaburi |
4,000 |
10.00 |
|
Ms.
Rujiresh Sathienbutr Nationality: Thai Address : 2
Moo 3, Lipanoi,
Kohsamui, Suratthani |
4,000 |
10.00 |
|
Ms.
Sirikarn Chitsangiam Nationality: Thai Address : 64/1
Moo 6, Banyai,
Muang, Nakornnayok |
4,000 |
10.00 |
|
Mr. Pichet Piyaphan Nationality: Thai Address : 25
Moo 5, Thaphya,
Nakornchaisri, Nakornpathom |
4,000 |
10.00 |
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, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
50,730.16 |
317,784.55 |
|
Trade Accts. Receivable |
3,302,526.51 |
1,058,430.60 |
|
Inventories |
2,240,264.68 |
2,258,353.79 |
|
Other Current Assets
|
123,539.07 |
120,507.27 |
|
Total Current
Assets |
5,717,060.42 |
3,755,076.21 |
|
Total Assets |
5,717,060.42 |
3,755,076.21 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
3,029,147.41 |
1,485,264.76 |
|
Loan Directors |
650,000.00 |
400,000.00 |
|
Accrued Expenses |
26,926.96 |
14,056.10 |
|
Total Current
Liabilities |
3,706,074.37 |
1,899,320.86 |
|
Total Liabilities |
3,706,074.37 |
1,899,320.86 |
|
|
|
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Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning -
Unappropriated |
10,986.05 |
[144,244.65] |
|
Total
Shareholders' Equity |
2,010,986.05 |
1,855,755.35 |
|
Total
Liabilities & Shareholders' Equity |
5,717,060.42 |
3,755,076.21 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
6,481,190.35 |
6,440,143.45 |
|
Gain on Exchange
Rate |
214,748.82 |
- |
|
Other Income |
0.18 |
- |
|
Total Revenues
|
6,695,939.35 |
6,440,143.45 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
5,702,316.54 |
5,851,732.80 |
|
Selling & Administrative Expenses |
795,595.15 |
1,031,830.20 |
|
Total Expenses |
6,497,911.69 |
6,883,563.00 |
|
Profit / [Loss] Before Income
Tax |
198,027.66 |
[443,419.55] |
|
Income Tax |
[42,796.96] |
- |
|
Net Profit / [Loss] |
155,230.70 |
[443,419.55] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
0.64 |
|
|
Operating Profit |
[144.38] |
|
|
Net Profit |
135.01 |
|
|
Total Assets |
52.25 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
87.98 |
90.86 |
|
Operating Profit Margin |
3.06 |
[6.89] |
|
S & A
Expenses |
12.28 |
16.02 |
|
Other Revenues |
3.31 |
0.00 |
|
Net Profit Margin |
2.40 |
[6.89] |
|
Earning Per Shares |
7.76 |
[22.17] |
|
No. of Shares |
20,000 |
20,000 |
Net Sales was
increased by 0.64%,
Operating Profit was
decreased by 144.38%,
Net Profit was
increased by 135.01%,
Total Assets was
increased by 52.25%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 90.86%
to 87.98%, Operating
Profit Margin was
increased from -6.89%
to 3.06%, S
& A Expenses
was decreased from
16.02% to 12.28%,
Other Revenues was
increased from 0.00%
to 3.31%, Net
Profit Margin was
increased from -6.89%
to 2.40%.
Earning Per Shares
was increased from
-22.17 baht per
share to 7.76
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.54 |
1.98 |
|
Quick-Assets Ratio |
0.90 |
0.72 |
Current Ratio was
decreased from 1.98
to 1.54, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.72 to 0.90,
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 |
1.84 |
1.02 |
D/E Ratio was
increased from 1.02
to 1.84, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Total Assets Turnover |
1.13 |
1.72 |
|
Return on Assets |
2.72 |
[11.81] |
|
Return on Equity |
7.72 |
[23.89] |
|
Day's Payable |
168.26 |
83.03 |
|
Day’s Inventories |
124.44 |
126.24 |
|
Day’s Receivables |
183.44 |
59.17 |
Total Assets Turnover
was decreased from
1.72 times to
1.13 times, show
the company could
not use Assets
so efficiently, Return
on Assets was
increased from -11.81
to 2.72, Return
on Equity was
increased from -23.89
to 7.72, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 84
days to 169
days, while Day’s
Inventories was decreased
from 127 days
to 125 days, but Day’s
Receivables was increased
from 60 days
to 184 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.01 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.20 |
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%)