MIRA
INFORM REPORT
|
Report Date : |
15.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MILI STAR CO., LTD. |
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Registered Office : |
29th Floor, Jewelry Trade
Center Building, 919/366 Silom
Road, Silom, Bnagrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1990 |
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Com. Reg. No.: |
0105533125751 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and distributing various kinds of
diamonds, gemstone and
jewelry products |
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 : |
Regular |
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Litigation : |
Clear |
name
MILI STAR CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 29th FLOOR,
JEWELRY TRADE CENTER
BUILDING,
919/366 SILOM
ROAD, SILOM, BNAGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2630-0138-9
FAX : [66] 2630-0137
E-MAIL
ADDRESS : milistar@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1990
REGISTRATION NO. : 0105533125751
CAPITAL REGISTERED : BHT. 13,000,000
CAPITAL PAID-UP : BHT. 13,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. DESAI MAHGUDRA KUMAR CHHAGAN
BHBI, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : DIAMONDS AND JEWELRY PRODUCTS
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 October 19,
1990 as a
private limited company under the name style
MILI STAR CO.,
LTD., by Thai
and Indian groups, with the objective to
engage in diamonds
and jewelry trading
business. It currently
employs approximately 10
staff.
The
subject’s registered address
is 919/366 Jewelry
Trade Center Bldg.,
Silom Rd., Silom,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
Mr. Desai Mahgudra Kumar Chhagan Bhbi
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Desai Mahgudra
Kumar Chhagan Bhbi
is the Managing Director.
He is Indian nationality with
the age of
28 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of diamonds,
gemstone and jewelry
products, as well
as exporting of
diamonds and jewelry
products.
PURCHASE
The products are
purchased from suppliers
both in domestic
and overseas, mainly
India, Hong Kong
and Australia.
MAJOR SUPPLIER
Laxmi Diamond Pvt. Ltd. : India
SALES
The products are
sold to customers
both local and
overseas in Europe
and U.S.A.
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 or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 10 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 operating performance
is considered satisfactory with a drastic increase
in its sale revenue in
2005 comparing to
the previous year.
In general, the subject’s remains moderate.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht.
4,000,000 on September 20,
1993
Bht. 6,000,000 on March 27,
1996
Bht. 8,000,000 on January 11,
2001
Bht. 13,000,000
on September 1,
2004
The
latest registered capital
was increased to
Bht. 13,000,000 divided into
130,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at
February 15,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Desai Mahgudra Kumar Chhagan Bhbi Nationality: Indian Address : India |
21,500 |
16.54 |
|
Mr. Shah Metesh
Kumar Prawinchandra Nationality: Indian Address : 52/23
Silom Rd., Silom,
Bangrak, Bangkok |
21,100 |
16.23 |
|
Mr. Umesh Razikbye
Lakani Nationality: Indian Address : 919/366
Silom Rd., Silom,
Bangrak, Bangkok |
21,100 |
16.23 |
|
Mr.
Taweesak Bintorleb Nationality: Thai Address : 13/1
Moo 9, Monthong,
Bangnampriew, Chachoengsao |
16,575 |
12.75 |
|
Mrs. Suree Tuanjeen Nationality: Thai Address : 33
Moo 2, Klongsan,
Bangbor, Samutprakarn |
16,575 |
12.75 |
|
Mrs.
Kamaria Masyoh Nationality: Thai Address : 61/5
Singtothong,
Bangnampriew, Chachoengsao |
16,575 |
12.75 |
|
Ms. Zorba Boonmalert Nationality: Thai Address : 45
Yothaka, Bangnampriew, Chachoengsao |
16,575 |
12.75 |
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, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
[note 1] |
1,260,592.53 |
1,178,467.02 |
|
Trade Accts. Receivable |
68,914,236.49 |
33,614,122.26 |
|
Inventories |
57,300,017.38 |
120,957,061.86 |
|
Other Current Assets
|
543,970.75 |
163,145.87 |
|
Total Current
Assets |
128,018,817.15 |
155,912,797.01 |
|
|
|
|
|
Fixed Assets [note 2] |
1,846,352.20 |
2,420,327.22 |
|
Other Assets |
405,000.00 |
- |
|
Total Assets |
130,270,169.35 |
158,333,124.23 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
113,588,651.26 |
136,235,801.42 |
|
Short-term Loan from
Related Person |
- |
997,556.12 |
|
Accrued Expenses |
346,195.69 |
454,919.94 |
|
Accrued Income Tax |
564,258.16 |
626,566.03 |
|
Other Current Liabilities |
426,372.66 |
192,860.91 |
|
Total Current
Liabilities |
114,925,477.77 |
138,507,104.42 |
|
Total Liabilities |
114,925,477.77 |
138,507,104.42 |
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|
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Shareholders'
Equity |
|
|
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|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 130,000 shares |
13,000,000.00 |
13,000,000.00 |
|
Capital Paid |
13,000,000.00 |
13,000,000.00 |
|
Retained Earning -
Unappropriated |
2,344,691.58 |
6,826,019.81 |
|
Total
Shareholders' Equity |
15,344,691.58 |
19,826,019.81 |
|
Total
Liabilities & Shareholders' Equity |
130,270,169.35 |
158,333,124.23 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
Oct.
19, 2004 – Dec. 31,
2004 |
|
|
|
|
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Sales |
221,074,581.43 |
13,833,921.85 |
|
Other Income |
- |
7,980,846.16 |
|
Total Revenues
|
221,074,581.43 |
21,814,768.01 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
211,839,174.45 |
17,845,978.78 |
|
Selling & Administrative Expenses |
13,716,735.21 |
2,102,818.95 |
|
Total Expenses |
225,555,909.66 |
19,948,797.73 |
|
Profit / [Loss] Before Income
Tax |
[4,481,328.23] |
1,865,970.28 |
|
Income Tax |
- |
[564,258.16] |
|
Net Profit / [Loss] |
[4,481,328.23] |
1,301,712.12 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in hand |
929,818.00 |
360,554.57 |
|
Cash at bank |
330,774.53 |
817,912.45 |
|
Total
|
1,260,592.53 |
1,178,467.02 |
NOTE 2
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Office Automation |
547,869.72 |
527,967.76 |
|
Vehicle |
2,702,149.53 |
2,702,149.53 |
|
Hand Tools |
122,808.00 |
122,808.00 |
|
Office Furniture |
13,600.00 |
- |
|
Total |
3,386,427.25 |
3,352,925.29 |
|
Less: Depreciation |
[1,540,075.05] |
[932,598.07] |
|
Total
|
1,846,352.20 |
2,420,327.22 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
1,498.06 |
|
|
Operating Profit |
[115.03] |
|
|
Net Profit |
[444.26] |
|
|
Fixed Assets |
[23.71] |
|
|
Total Assets |
[17.72] |
|
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Profitability |
|
|
|
Cost of Good
Sold |
95.82 |
129.00 |
|
Operating Profit Margin |
[2.03] |
13.49 |
|
S & A
Expenses |
6.20 |
15.20 |
|
Other Revenues |
0.00 |
57.69 |
|
Net Profit Margin |
[2.03] |
9.41 |
|
Earning Per Shares |
[34.47] |
10.01 |
|
No. of Shares |
130,000 |
130,000 |
Net Sales was
increased by 1,498.06%,
Operating Profit was
decreased by 115.03%,
Net Profit was
decreased by 444.26%,
Fixed Assets was
decreased by 23.71%,
Total Assets was
decreased by 17.72%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 129.00%
to 95.82%, Operating
Profit Margin was
decreased from 13.49%
to -2.03%, S &
A Expenses was
decreased from 15.20%
to 6.20%, Other
Revenues was decreased
from 57.69% to
0.00%, Net Profit
Margin was decreased
from 9.41% to
-2.03%.
Earning Per Shares
was decreased from
10.01 baht per
share to -34.47
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.11 |
1.13 |
|
Quick-Assets Ratio |
0.61 |
0.25 |
Current Ratio was
decreased from 1.13
to 1.11, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.25 to 0.61,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
7.49 |
6.99 |
D/E Ratio was
increased from 6.99
to 7.49, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
119.74 |
5.72 |
|
Total Assets Turnover |
1.70 |
0.09 |
|
Return on Assets |
[3.44] |
0.82 |
|
Return on Equity |
[29.20] |
6.57 |
|
Day's Payable |
184.97 |
3,545.26 |
|
Day’s Inventories |
93.31 |
3,147.66 |
|
Day’s Receivables |
112.22 |
874.74 |
Fixed Assets Turnover
was increased from
5.72 times to
119.74 times, Total
Assets Turnover was
increased from 0.09
times to 1.70
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
0.82 to -3.44,
Return on Equity
was decreased from
6.57 to -29.20,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
decreased from 3,546
days to 185
days, Day’s Inventories
was decreased from
3,148 days to
94 days, and
Day’s Receivables was
decreased from 875
days to 113
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.43 |
|
UK Pound |
1 |
Rs.84.54 |
|
Euro |
1 |
Rs.65.91 |
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/normal. |
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%)