MIRA
INFORM REPORT
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Report Date : |
20.10.2008 |
IDENTIFICATION DETAILS
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Name : |
PRISM DIAMOND CO., LTD. |
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Formerly Known As : |
CRAZY COLOURS
DIAMOND CO., LTD |
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Registered Office : |
RM. 3907, 39th Floor,
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
19.02.2004 |
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Com. Reg. No.: |
0105547024804 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Diamonds |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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
PRISM DIAMOND CO., LTD.
[FORMER :
CRAZY COLOURS DIAMOND
CO., LTD.]
SUMMARY
BUSINESS ADDRESS : RM.
3907, 39th FLOOR,
BUILDING,
TELEPHONE : [66] 2630-1800
FAX : [66] 2630-1799
E-MAIL ADDRESS : prismdiathai@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO.
: 0105547024804
CAPITAL REGISTERED
: BHT.
8,000,000
CAPITAL PAID-UP
: BHT.
8,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. DIGNESH KUMAR
KANTIBHAI JIVANI, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 4
LINES OF
BUSINESS : DIAMONDS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on February 19,
2004 as a
private limited company under
the originally registered
name “Crazy Colours
Diamond Co., Ltd.”
by Thai and
Indian groups. On
June 7, 2005,
subject was changed
its name to be PRISM
DIAMOND CO., LTD.
Its business objective
is to import
and distribute various
kinds of diamonds
to domestic market.
It currently employs
4 staff.
The
subject’s registered address
is 919/467 Silom
Rd., Silom, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Samir Tribhovandas Rupani |
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Indian |
25 |
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Mr. Dignesh Kumar Kantibhai
Jivani |
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Indian |
26 |
|
Mr. Alpesh Tulsibhai Jivani |
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Indian |
25 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Dignesh Kumar Kantibhai
Jivani is the
Managing Director.
He is Indian
nationality with the
age of 26
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing and
distributing various kinds
of diamonds, such
as white and
color diamond for
jewelry production.
IMPORT
100%
of the products
is imported from
MAJOR SUPPLIER
Prism
International Co., Ltd.
SALES
100% of the
products is sold
locally by wholesale
to traders and
manufacturers.
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 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.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 4
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 was formed
in 2004 as
an importer and
distributor of diamonds
for jewelry industry.
Diamonds were in
strong demand in
the past several
years, however market
slowdown and decline
consumption has affected
jewelry industry as
a whole. Subject
reported slow sales
for 2007 due
to economic uncertainties
and sluggish of
jewelry market.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000
divided into 40,000
shares of Bht. 100
each.
On
March 8, 2006,
the capital was
increased to Bht. 8,000,000 divided
into 80,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
30, 2008]
|
NAME |
HOLDING |
% |
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Mr. Samir Tribhovandas Rupani Nationality: Indian Address : |
15,200 |
19.00 |
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Mr. Dignesh Kumar Kantibhai
Jivani Nationality: Indian Address : |
12,000 |
15.00 |
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Mr. Alpesh Tulsibhai Jivani Nationality: Indian Address : |
12,000 |
15.00 |
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Ms. Chamriang Narkjai Nationality: Thai Address : 443
Moo 8, Laemrakking, Narang,
Pichit |
10,200 |
12.75 |
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Mr. Suphap Chansri Nationality: Thai Address : 41
Moo 1 4, Nongjaeng, Buengsamphan, Petchabun |
10,200 |
12.75 |
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Mr. Charnnarong Poolsuk Nationality: Thai Address : 9
Moo 6, Saensuk,
Varinchamrab,
Ubonratchathani |
10,200 |
12.75 |
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Ms. Bang-orn Phanlikam Nationality: Thai Address : 48
Moo 7, Wiangsa-ard, Payakaphum,
Mahasarakham |
10,200 |
12.75 |
Total Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Rathaphum Nanthoptawee No. 5789
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
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Cash in hand
& at Bank
|
1,587,272.59 |
306,655.79 |
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Trade Accts. Receivable
|
5,569,439.80 |
7,956,764.59 |
|
Inventories |
15,684,761.67 |
4,660,412.96 |
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Other Current Assets
|
45,038.88 |
4,000.00 |
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Total Current Assets
|
22,886,512.94 |
12,927,833.34 |
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Fixed Assets |
3,409,512.70 |
3,676,562.23 |
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Total Assets |
26,296,025.64 |
16,604,395.57 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
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Trade Accts. Payable-Related
Company |
15,521,986.08 |
6,231,908.66 |
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Short Term Loan from
Related Person |
3,425,803.39 |
501,393.64 |
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Accrued Income Tax |
176,027.33 |
125,085.01 |
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Other Current Liabilities |
362,897.22 |
493,258.15 |
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Total Current Liabilities |
19,486,714.02 |
7,351,645.46 |
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Long-term Loan |
- |
2,898,464.00 |
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Total Liabilities |
19,486,714.02 |
10,250,109.46 |
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Shareholders' Equity |
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Share capital : Baht 100
value authorized, issued
and fully paid share
capital 80,000 shares |
8,000,000.00 |
8,000,000.00 |
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Capital Paid |
8,000,000.00 |
8,000,000.00 |
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Retained Earning -
Unappropriated |
[1,190,688.38] |
[1,645,713.89] |
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Total Shareholders' Equity |
6,809,311.62 |
6,354,286.11 |
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Total Liabilities &
Shareholders' Equity |
26,296,025.64 |
16,604,395.57 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
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Sales Income |
18,674,374.73 |
72,494,569.53 |
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Other Income |
4,255.26 |
3,526.77 |
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Gain on Exchange Rate |
334,853.17 |
1,397,495.87 |
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Total Revenues |
19,013,483.16 |
73,895,592.17 |
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Expenses |
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Cost of Goods
Sold |
14,386,770.45 |
69,818,782.43 |
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Selling & Administrative Expenses |
3,854,847.42 |
3,524,933.26 |
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Total Expenses |
18,241,617.87 |
73,343,715.69 |
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Profit / [Loss] Before
Interest Expenses & Income Tax |
771,865.29 |
551,876.48 |
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Interest Expenses |
[56,413.45] |
[116,156.19] |
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Income Tax |
[260,426.33] |
[149,120.27] |
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Net Profit / [Loss] |
455,025.51 |
286,600.02 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[74.24] |
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Operating Profit |
442.95 |
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Net Profit |
58.77 |
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Fixed Assets |
[7.26] |
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Total Assets |
58.37 |
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Profitability |
|
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Cost of Good
Sold |
77.04 |
96.31 |
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Operating Profit Margin |
4.13 |
0.76 |
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S & A
Expenses |
20.64 |
4.86 |
|
Interest Paid |
0.30 |
0.16 |
|
Other Revenues |
1.82 |
1.93 |
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Net Profit Margin |
2.44 |
0.40 |
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Earning Per Shares |
5.69 |
3.58 |
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No. of Shares |
80,000 |
80,000 |
Net Sales was
decreased by 74.24%,
Operating Profit was
increased by 442.95%,
Net Profit was
increased by 58.77%,
Fixed Assets was
decreased by 7.26%,
Total Assets was
increased by 58.37%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 96.31%
to 77.04%, Operating
Profit Margin was
increased from 0.76%
to 4.13%, S
& A Expenses
was increased from
4.86% to 20.64%,
Interest Paid was increased
from 0.16% to
0.30%, Other Revenues
was decreased from
1.93% to 1.82%,
Net Profit Margin
was increased from
0.40% to 2.44%.
Earning Per Shares
was increased from
3.58 baht per
share to 5.69
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.17 |
1.76 |
|
Quick-Assets Ratio |
0.37 |
1.12 |
Current Ratio was
decreased from 1.76
to 1.17, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.12 to 0.37,
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 |
2.86 |
1.61 |
|
Times Interest Earned |
13.68 |
4.75 |
D/E Ratio was
increased from 1.61
to 2.86, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium, Times
Interest Earned was
increased from 4.75
to 13.68, capacity
to pay interest
paid was good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
5.48 |
19.72 |
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Total Assets Turnover |
0.71 |
4.37 |
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Return on Assets |
1.73 |
1.73 |
|
Return on Equity |
6.68 |
4.51 |
|
Day’s Inventories |
302.37 |
23.14 |
|
Day’s Receivables |
107.37 |
39.51 |
Fixed Assets Turnover
was decreased from
19.72 times to
5.48 times, Total
Assets Turnover was
decreased from 4.37
times to 0.71
times, show the company could
not use Assets
so efficiently, Return
on Assets was
increased from 1.73
to 1.73, Return
on Equity was
increased from 4.51
to 6.68, capacity
to use Assets
to make profit
was good.
Day’s Inventories was
increased from 24
days to 303
days, and Day’s
Receivables was increased
from 40 days
to 108 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.83 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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%)