MIRA
INFORM REPORT
|
Report Date : |
15.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
T.N.K. DIAM CO.,
LTD. |
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|
|
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Registered Office : |
39th Floor, Jewellery Trade
Center, 919/470 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 : |
14.03.1997 |
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Com. Reg. No.: |
0105540026763 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor And
Exporter of Diamonds 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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
T.N.K. DIAM
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 39th FLOOR, JEWELLERY TRADE
CENTER,
919/470
SILOM ROAD, SILOM,
BANGRAK, BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2630-0060-1
FAX : [66]
2630-0062
E-MAIL ADDRESS : jigee78@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1997
REGISTRATION NO.
: 0105540026763 [Former : 388/2540]
CAPITAL REGISTERED
: BHT. 15,000,000
CAPITAL PAID-UP
: BHT. 15,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
BHAVEN NAYAN JAAVERI,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 5
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 GOOD PERFORMANCE
HISTORY
The subject was
established on March 14,
1997 as a
private limited company
under the name
style T.N.K. DIAM
CO., LTD. by
Indian groups, in
order to import
and distribute diamonds
and jewelry products
to local market.
It currently employs
5 staff.
The subject’s registered
address is 39th Floor, Jewellery Trade
Center, 919/470 Silom Rd.,
Silom, Bangrak, Bangkok
10500, and this
is the company’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Bhaven Nayan
Jaaveri |
Indian |
33 |
|
Mr. Kuntal Deepak
Shah |
Indian |
37 |
|
Mr. Jigesh Satish
Shah |
Indian |
30 |
|
Mr. Hiral Hetendra Shah |
Indian |
26 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Bhaven Nayan
Jaaveri is the Managing Director.
He is Indian nationality with
the age of
33 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing diamonds,
gemstone and jewelry
products, as well
as exporting of
jewelry with diamond,
pearl and gemstone.
PURCHASE
Most of the
products are imported
from India, Hong
Kong and Republic
of China.
SALES [LOCAL]
The products are
sold by wholesale
to traders and
manufacturers.
EXPORT
The jewelry products
are exported to United
States of America,
Hong Kong 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
according to IRICO’S
DATABASE 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 credit terms
of 30-60 days.
Imports are by
L/C at sight or T/T.
Exports are against
L/C at sight or T/T.
BUSINESS TRANSACTION
The products are
sold to customers
by cash and
credit, with the
maximum credit given at
30-60 days. The
subject is not found
to have problem on
its accounts receivable.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
5 staff.
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address. Premise
is located in a prime
commercial area.
REMARK
CREDIT OF US$ 500,000
D/A SHOULD BE
IN ORDER.
COMMENT
The subject has been in jewelry business for over ten years with the
numbers of regular customers. Its business has grown steadily despite
market slowdown and
consumption declined. However,
growth has seen
slowing down for
several months. This
would lead subject
to earn negative
outcome 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.
On November 21,
2002, the capital
was increased to
Bht. 15,000,000 divided
into 150,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Bhaven Nayan
Jaaveri Nationality : Indian Address : Bombay,
India |
73,300 |
48.87 |
|
Ms. Duenrung Chuasuwan Nationality : Thai Address : 94 Pravesttai Rd., Bangmulnark,
Pichitr |
19,500 |
13.00 |
|
Mr. Nuh Denmarai Nationality : Thai Address : 25
Moo 2, Lamnamphud, Muang,
Pang-nga |
19,000 |
12.67 |
|
Mrs. Patcharee Ratanaburi Nationality : Thai Address : 121
Moo 6, Pamaiphai, Thungsong,
Nakornsrithammarat |
19,000 |
12.67 |
|
Mr. Chod Phochai Nationality : Thai Address : 108/1
Moo 1, Sompoi, Jaturas,
Chaiyapume |
19,000 |
12.67 |
|
Mr. Kuntal Deepak
Shah Nationality : Indian Address : Bombay,
India |
100 |
0.06 |
|
Mr. Minal Kuntal
Shah Nationality : Indian Address : Bombay,
India |
100 |
0.06 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mr. Surin Ruangporn
No. 3741
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in Hand
& at Bank |
21,114,768.25 |
21,659,379.51 |
|
Trade Accts. Receivable |
78,186,160.60 |
71,897,332.10 |
|
Inventories |
67,720,147.70 |
43,263,204.53 |
|
Receivable-Revenue Department |
176,784.75 |
176,784.75 |
|
Total Current Assets
|
167,197,861.30 |
136,996,700.89 |
|
|
|
|
|
Fixed Assets |
30,913.58 |
97,062.23 |
|
Guarantee & Deposits |
8,181.81 |
8,181.81 |
|
Other Assets |
370,402.15 |
370,402.15 |
|
Total Assets |
167,607,358.84 |
137,472,347.08 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft |
9,909,539.52 |
434,370.85 |
|
Trade Accts. Payable |
88,206,746.39 |
70,181,244.72 |
|
Payable-Revenue Department |
- |
248,022.85 |
|
Other Current Liabilities |
559,464.57 |
509,040.24 |
|
Total Current Liabilities |
98,675,750.48 |
71,372,678.66 |
|
Payable Loan from Financial
Institution |
40,008,580.39 |
39,426,245.05 |
|
Total Liabilities |
138,684,330.87 |
110,798,923.71 |
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|
|
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Shareholders' Equity |
|
|
|
|
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 150,000 shares |
15,000,000.00 |
15,000,000.00 |
|
Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning -
Unappropriated |
13,923,027.97 |
11,673,423.37 |
|
Total Shareholders' Equity |
28,923,027.97 |
26,673,423.37 |
|
Total Liabilities & Shareholders' Equity |
167,607,358.84 |
137,472,347.08 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
212,294,906.89 |
204,446,531.15 |
|
Gain on Exchange
Rate |
1,340,126.87 |
1,342,625.40 |
|
Other Income |
101,221.24 |
244,195.55 |
|
Total Revenues |
213,736,255.00 |
206,033,352.10 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
202,427,178.43 |
196,948,693.23 |
|
Selling & Administrative Expenses |
4,936,017.06 |
4,364,769.05 |
|
Total Expenses |
207,363,195.49 |
201,313,462.82 |
|
Profit / [Loss] before from
Interest Expenses & Income Tax |
6,373,059.51 |
4,719,889.82 |
|
Interest Expenses |
[3,114,908.88] |
[1,258,334.62] |
|
Profit/[Loss] before Income Tax |
3,258,150.63 |
3,461,555.20 |
|
Income Tax |
[1,008,546.03] |
[1,056,123.22] |
|
Net Profit / [Loss] |
2,249,604.60 |
2,405,431.98 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
3.84 |
|
|
Operating Profit |
30.03 |
|
|
Net Profit |
[6.48] |
|
|
Fixed Assets |
[68.15] |
|
|
Total Assets |
21.92 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
95.35 |
96.33 |
|
Operating Profit Margin |
3.00 |
2.31 |
|
S & A
Expenses |
2.33 |
2.13 |
|
Interest Paid |
1.47 |
0.62 |
|
Other Revenues |
0.68 |
0.78 |
|
Net Profit Margin |
1.06 |
1.18 |
|
Earning Per Shares |
15.00 |
16.04 |
|
No. of Shares |
150,000 |
150,000 |
Net Sales was
increased by 3.84%,
Operating Profit was increased by 30.03%,
Net Profit was
decreased by 6.48%,
Fixed Assets was
decreased by 68.15%,
Total Assets was
increased by 21.92%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 96.33%
to 95.35%, Operating
Profit Margin was
increased from 2.31%
to 3.00%, S
& A Expenses
was increased from
2.13% to 2.33%,
Interest Paid was increased
from 0.62% to
1.47%, Other Revenues
was decreased from
0.78% to 0.68%,
Net Profit Margin
was decreased from
1.18% to 1.06%.
Earning Per Shares
was decreased from
16.04 baht per
share to 15.00
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.69 |
1.92 |
|
Quick-Assets Ratio |
1.01 |
1.31 |
Current Ratio was
decreased from 1.92
to 1.69, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.31 to 1.01,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
4.79 |
4.15 |
|
Times Interest Earned |
2.05 |
3.75 |
D/E Ratio was
increased from 4.15
to 4.79, 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 3.75
to 2.05, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
6,867.37 |
2,106.34 |
|
Total Assets Turnover |
1.27 |
1.49 |
|
Return on Assets |
1.34 |
1.75 |
|
Return on Equity |
7.78 |
9.02 |
|
Day's Payable |
149.58 |
123.58 |
|
Day’s Inventories |
114.84 |
76.18 |
|
Day’s Receivables |
132.58 |
126.60 |
Fixed Assets Turnover
was increased from
2,106.35 times to
6,867.37 times, Total
Assets Turnover was
decreased from 1.49
times to 1.27
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 1.75 to
1.34, Return on
Equity was decreased
from 9.02 to 7.78, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 124
days to 150
days, Day’s Inventories
was increased from
77 days to
115 days, and
Day’s Receivables was
increased from 127
days to 133
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. |
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%)