MIRA
INFORM REPORT
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Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
INTERJEWEL [THAILAND] CO., LTD. |
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Formerly Known As : |
D. N. GEMS CO., LTD.] |
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Registered Office : |
Room 603, 6th Floor, K. B. S. Building,
30-38 Mahaesak 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 : |
26.08. 1992 |
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Com. Reg. No.: |
0105535119881 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Diamonds Trading Company |
RATING &
COMMENTS
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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
INTERJEWEL
[THAILAND] CO., LTD.
[FORMER : D. N. GEMS CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : ROOM
603, 6th FLOOR,
K. B. S. BUILDING,
30-38 MAHAESAK ROAD,
SURIYAWONGSE,
BANGRAK,
BANGKOK 10500, THAILAND
TELEPHONE : [66] 2237-3919-20
FAX : [66] 2237-3921
E-MAIL
ADDRESS : dngems@samart.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION NO. : 0105535119881
[Former : 11657/2535]
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. SHACHIN SURESH MEHTA, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : DIAMONDS
TRADING COMPANY
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 August 26,
1992 as a
private limited company under the originally registered
name “D. N. Gems Co.,
Ltd.”, by Thai
and Singaporean groups, with the business objective
to operate diamonds
trading business. On
April 20, 2008,
subject was changed
its name to
be INTERJEWEL [THAILAND]
CO., LTD. It
currently employs 12
staff.
The
subject’s registered address
is 30-38 Mahaesak
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Ketan Suresh Mehta |
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Indian |
38 |
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Mr. Shachin Suresh Mehta |
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Indian |
42 |
|
Mr. Samir Mehta |
|
Indian |
45 |
|
Mr. Dilip Mehta |
|
Indian |
61 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Shachin Suresh
Mehta is the Managing Director.
He is Indian nationality with
the age of
42 years old.
Mr. Ketan Suresh
Mehta is the Assistant Managing
Director.
He is Indian nationality with
the age of
38 years old.
BUSINESS OPERATIONS
The subject is
engaged in diamonds
trading business, including
importing, distributing and
exporting of jewelry
products.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas mainly in India.
SALES
80% of the products is
sold locally to
wholesalers and manufacturers, and the remaining
20% is exported
to Hong Kong,
Singapore and Dubai.
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
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
Bank of Ayudhya
Public Co., Ltd.
EMPLOYMENT
The
subject employs 12
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
had a good business both
importing and exporting
of diamond and
jewelry products. Last few years demand of diamond
had spurred in
local market from
strong consumption by manufacturer and end-user, as
well as exporting
of jewelry products
to main market like
USA were also
strong. However, the
economic slowdown started
early 2007 has
resulted to decline
consumption of diamond
and jewelry products.
Slow consumption
in local market
has continued increased
due to rising living costs
that seem to be uncontrolled, so
that jewelry business
would have directed
impact from the
situation.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000
divided into 100,000
shares of Bht.
100 each.
On
October 17, 1995,
the 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 April 30,
2007]
|
NAME |
HOLDING |
% |
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Dianco International Pte. Ltd. Nationality: Singaporean Address : 80
Raffles Place, Singapore |
58,800 |
49.00 |
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Ms.
Rungrueng Polsinghayothin Nationality: Thai Address : 844/196
Charansanitwong Rd., Bangbamru, Bangplad, Bangkok |
11,200 |
9.35 |
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Mrs.
Anchalee Mahabanphot Nationality: Thai Address : 49/22
Soi Suparuam, Bangsue,
Bangkok |
10,000 |
8.33 |
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Ms. Pornrat Rerkngam Nationality: Thai Address : 48
Moo 2, Pakthor,
Ratchaburi |
10,000 |
8.33 |
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Mrs.
Chaveewan Peamsa-ard Nationality: Thai Address : 31/1
Moo 7, Samrong,
Klongkuen,
Chachoengsao |
10,000 |
8.33 |
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Ms. Somsri Kamkliang Nationality: Thai Address : 34/101
Moo 5, Prachatipat, Thanyaburi,
Pathumthani |
10,000 |
8.33 |
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Ms. Mayuree Choosuebsai Nationality: Thai Address : 603/111
Moo 10, Bangkae,
Bangkok |
10,000 |
8.33 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Surapol Prathaksitorn No.
2590
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
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Cash in Hand
& at Bank |
4,659,307.74 |
31,177,124.65 |
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Short-term Investment |
80,000,000.00 |
80,000,000.00 |
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Trade Accts. Receivable |
160,841,687.54 |
198,400,856.90 |
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Inventories |
103,302,264.75 |
63,586,348.20 |
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Other Current Assets
|
2,440,791.64 |
2,408,566.38 |
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Total Current
Assets |
351,244,051.67 |
375,572,896.13 |
|
Equipment |
1,040,718.41 |
1,342,394.14 |
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Deposit |
185,600.00 |
140,600.00 |
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Total Assets |
352,470,370.08 |
377,055,890.27 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
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Bank Overdraft & Short-term Loan from Bank |
146,278,259.28 |
75,000,000.00 |
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Trade Accts. Payable |
166,874,325.62 |
282,785,149.66 |
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Other Current Liabilities |
8,573,774.55 |
2,473,847.96 |
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Total Current
Liabilities |
321,726,359.45 |
360,258,997.62 |
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Total Liabilities |
321,726,359.45 |
360,258,997.62 |
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Shareholders’
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 120,000 shares |
12,000,000.00 |
12,000,000.00 |
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Capital Paid |
12,000,000.00 |
12,000,000.00 |
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Retained Earning Appropriated for Statutory
Reserve |
1,200,000.00 |
1,200,000.00 |
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Unappropriated |
17,544,010.63 |
3,596,892.65 |
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Total
Shareholders’ Equity |
30,744,010.63 |
16,796,892.65 |
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Total
Liabilities & Shareholders’ Equity |
352,470,370.08 |
377,055,890.27 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales |
594,274,835.70 |
543,382,350.60 |
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Gain on Exchange
Rate |
17,722,453.52 |
- |
|
Interest Income |
2,078,698.64 |
619,806.14 |
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Other Income |
33.48 |
57,665.06 |
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Total Revenues
|
614,076,021.34 |
544,059,821.80 |
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Expenses |
|
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Cost of Goods
Sold |
570,528,888.33 |
516,654,473.31 |
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Selling & Administrative Expenses |
15,111,939.76 |
21,297,416.46 |
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Total Expenses |
585,640,828.09 |
537,951,889.77 |
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Profit / [Loss] before Interest
Expenses & Income Tax |
28,435,193.25 |
6,107,932.03 |
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Interest Expenses |
[7,963,669.57] |
[2,422,512.23] |
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Income Tax |
[6,524,405.70] |
[1,220,486.61] |
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Net Profit / [Loss] |
13,947,117.98 |
2,464,933.19 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
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Net Sales |
9.37 |
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Operating Profit |
325.68 |
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Net Profit |
465.82 |
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Total Assets |
[6.52] |
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Profitability |
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Cost of Good
Sold |
96.00 |
95.08 |
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Operating Profit Margin |
4.78 |
1.12 |
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S & A
Expenses |
2.54 |
3.92 |
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Interest Paid |
1.34 |
0.45 |
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Other Revenues |
3.33 |
0.12 |
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Net Profit Margin |
2.35 |
0.45 |
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Earning Per Shares |
116.23 |
20.54 |
|
No. of Shares |
120,000 |
120,000 |
Net Sales was
increased by 9.37%,
Operating Profit was
increased by 325.68%,
Net Profit was
increased by 465.82%,
Total Assets was
decreased by 6.52%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 95.08%
to 96.00%, Operating
Profit Margin was
increased from 1.12%
to 4.78%, S
& A Expenses
was decreased from
3.92% to 2.54%,
Interest Paid was increased
from 0.45% to
1.34%, Other Revenues
was increased from
0.12% to 3.33%,
Net Profit Margin
was increased from
0.45% to 2.35%.
Earning Per Shares
was increased from
20.54 baht per
share to 116.23
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.09 |
1.04 |
|
Quick-Assets Ratio |
0.76 |
0.86 |
Current Ratio was
increased from 1.04
to 1.09, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.86 to 0.76,
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 |
10.46 |
21.45 |
|
Times Interest Earned |
3.57 |
2.52 |
D/E Ratio was
decreased from 21.45
to 10.46, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high, Times
Interest Earned was
increased from 2.52
to 3.57, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Total Assets Turnover |
1.69 |
1.44 |
|
Return on Assets |
3.96 |
0.65 |
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Return on Equity |
45.37 |
14.67 |
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Day's Payable |
101.09 |
187.35 |
|
Day’s Inventories |
62.58 |
42.13 |
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Day’s Receivables |
97.43 |
131.44 |
Total Assets Turnover
was increased from
1.44 times to
1.69 times, show
the company could
use Assets so
efficiently, Return on
Assets was increased
from 0.65 to
3.96, Return on
Equity was increased
from 14.67 to
45.37, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 188
days to 102
days, while Day’s
Inventories was increased
from 43 days
to 63 days, but Day’s
Receivables was decreased
from 132 days
to 98 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.77 |
|
UK Pound |
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.64.20 |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)