MIRA
INFORM REPORT
|
Report Date : |
13.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KIRAN
JEWELS CO., LTD. |
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Formerly Known As : |
MILESTONE IMPEX CO.,
LTD |
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Registered Office : |
41/13-14 Soi Silom 19,
Silom Road, Silom, 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 : |
11.08. 2000 |
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Com. Reg. No.: |
0105543075579 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and
Exporter of Diamond 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
KIRAN
JEWELS CO., LTD.
[FORMER
: KIRAN EXPORTS
[THAILAND] CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 41/13-14 SOI SILOM 19, SILOM
ROAD, SILOM,
BANGRAK, BANGKOK
10500
TELEPHONE : [66] 2237-4767-8
FAX : [66] 2236-2491
E-MAIL
ADDRESS : kiranjuwels@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION NO. : 0105543075579
[Former : 1166/ 2543]
CAPITAL REGISTERED : BHT. 25,000,000
CAPITAL PAID-UP : BHT. 25,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PRAVINKUMAR CHHAGANBHAI
PATEL,
INDIAN, MANAGING
DIRECTOR
NO.
OF STAFF : 6
LINES
OF BUSINESS : DIAMOND 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 August 11,
2000 as a
private limited company under the registered name
“Milestone Impex
Co., Ltd.” by
Thai and Indian
group, with the
objective to engage
in diamond and
jewelry trading business.
On
June 7, 2004,
subject was changed
its name to “Kiranmani
Diamond Private Co.,
Ltd.”, was changed
to “Kiran Exports Co.,
Ltd.”, on July
8, 2004, and
was finally changed
to “KIRAN JEWELS
CO., LTD.” on
January 2, 2008.
It currently employs
6 staff.
The
subject’s registered address
was initially located
at 919/307 Silom
Rd., Silom, Bangrak,
Bangkok 10500.
In
2007, it was
relocated to 41/13-14
Soi Silom 19, Silom
Rd., Silom, Bangrak,
Bangkok 10500 and
this is the
subject’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr. Pravinkumar
Chhaganbhai Patel |
|
Indian |
30 |
|
Mr. Sanjaykumar
Chhaganbhai Patel |
|
Indian |
26 |
|
Mr. Hitesh Kumar Popatlal
Patel |
|
Indian |
36 |
|
Mr. Mayur Kumar Popatlal
Patel |
|
Indian |
26 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Pravinkumar Chhaganbhai Patel
is the Managing Director.
He is Indian nationality with
the age of
30 years old.
BUSINESS OPERATIONS
The subject is
engaged in trading
business in the
field of diamond
and jewelry. It
imports and distributes
diamond to local
market, as well
as exports jewelry
and gemstone products
to Hong Kong.
PURCHASE
Diamonds
are imported from
India, Pakistan and
Belgium, as well as
jewelry products are
purchased from local
manufacturers and suppliers.
SALES
Diamonds are sold
locally by wholesale
to traders and
jewelry manufacturers.
EXPORT
Jewelry
and gemstone products
are exported to
Hong Kong.
MAJOR CUSTOMER
Kiran
Export [Hong Kong]
Co., Ltd. : Hong Kong
PARENT COMPANY
Kiran
Gems Private Limited : India
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
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 6
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
prime commercial area.
COMMENT
In general Thai jewelry producers use a lot of diamond from
India. Most of the quality diamond and precious stones at the reasonable prices are from
India as well as are largely supplied by Indian company in local market. The
subject’s business is still promising
though there was
a decrease in
its sales in
2006 comparing to
the previous year,
it managed to
gain net profit
at the end of year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000
divided into 40,000
shares of Bht. 100 each.
The
capital was increased
later as following:
Bht. 6,000,000 on March 26,
2001
Bht. 12,000,000
on December 15,
2003
Bht. 25,000,000
on December 23,
2004
The
latest registered capital
was increased to
Bht. 25,000,000 divided into
250,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at March 24, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Kiran Gems
Private Limited Nationality: Indian Address : 109
Prasad Zamber Opera
House, Bombay, India |
84,000 |
33.60 |
|
Mr. Hitesh Kumar
Popatlal Patel Nationality: Indian Address : 41/13-14
Silom 19 Rd.,
Silom, Bangrak, Bangkok |
55,333 |
22.13 |
|
Mr. Mayur Kumar
Popatlal Patel Nationality: Indian Address : 41/13-14
Silom 19 Rd.,
Silom, Bangrak, Bangkok |
55,333 |
22.13 |
|
Mrs.
Alpaben Hitesh Kumar
Patel Nationality: Indian Address : 1867/124
Charoennakorn Rd., Klongsan,
Bangkok |
27,666 |
11.07 |
|
Mrs.
Avanikaben Mayur Kumar
Patek Nationality: Indian Address : 1867/124
Charoennakorn Rd., Klongsan,
Bangkok |
27,666 |
11.07 |
|
Mr. Samruay Joongklang Nationality: Thai Address : 150 Moo
7, Nonesung, Nakornratchasima |
1 |
- |
|
Mr.
Chotechuang Thongrong Nationality: Thai Address : 172/6
Petchkasem Rd., Pakklong,
Pasicharoen, Bangkok |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Pinpinand
Parichartsombat No. 5841
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
996,847.07 |
12,863,221.19 |
|
Trade Accts. Receivable |
64,190,049.80 |
99,998,443.98 |
|
Short Term Loan
to Directors |
- |
36,850,000.00 |
|
Inventories |
- |
36,735,725.98 |
|
Deferred Interest |
171,813.06 |
92,054.18 |
|
Other Current Assets
|
5,582.36 |
313,520.46 |
|
Total Current
Assets |
65,364,292.29 |
186,852,965.79 |
|
|
|
|
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Fixed Assets |
231,221.43 |
129,617.62 |
|
Other Assets |
24,000.00 |
24,000.00 |
|
Total Assets |
65,619,513.72 |
187,006,583.41 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
15,207,623.93 |
157,537,775.68 |
|
Short Term Loan
from Directors |
18,450,000.00 |
- |
|
Accrued Expenses |
1,361,544.55 |
164,016.88 |
|
Deferred Withholding Income
Tax |
65,353.63 |
- |
|
Accrued Income Tax |
272,605.14 |
557,179.41 |
|
Total Current
Liabilities |
35,357,127.25 |
158,258,971.97 |
|
Total Liabilities |
35,357,127.25 |
158,258,971.97 |
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|
|
|
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Shareholders'
Equity |
|
|
|
Capital Paid |
25,000,000.00 |
25,000,000.00 |
|
Retained Earning -
Unappropriated |
5,262,386.47 |
3,747,611.44 |
|
Total Shareholders'
Equity |
30,262,386.47 |
28,747,611.44 |
|
Total
Liabilities & Shareholders' Equity |
65,619,513.72 |
187,006,583.41 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales Income |
168,654,948.31 |
212,939,701.65 |
|
Interest Income |
184,964.38 |
77,389.05 |
|
Other Income |
8,069,649.67 |
552,125.35 |
|
Total Revenues
|
176,909,562.36 |
213,569,216.05 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
164,828,290.99 |
202,160,385.91 |
|
Selling & Administrative Expenses |
9,937,491.20 |
9,490,891.26 |
|
Total Expenses |
174,765,782.19 |
211,651,277.17 |
|
Profit / [Loss] Before Income
Tax |
2,143,780.17 |
1,917,938.88 |
|
Income Tax |
[629,005.14] |
[626,179.41] |
|
Net Profit / [Loss] |
1,514,775.03 |
1,291,759.47 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[20.80] |
|
|
Operating Profit |
41.12 |
|
|
Net Profit |
17.26 |
|
|
Fixed Assets |
78.39 |
|
|
Total Assets |
[64.91] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
97.73 |
94.94 |
|
Operating Profit Margin |
1.27 |
0.90 |
|
S & A
Expenses |
5.89 |
4.46 |
|
Other Revenues |
4.89 |
0.30 |
|
Net Profit Margin |
0.90 |
0.61 |
Net Sales was
decreased by 20.80%,
Operating Profit was
increased by 41.12%,
Net Profit was increased by 17.26%,
Fixed Assets was
increased by 78.39%,
Total Assets was
decreased by 64.91%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 94.94%
to 97.73%, Operating
Profit Margin was
increased from 0.90%
to 1.27%, S
& A Expenses
was increased from
4.46% to 5.89%,
Other Revenues was
increased from 0.30%
to 4.89%, Net
Profit Margin was
increased from 0.61%
to 0.90%.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.85 |
1.18 |
|
Quick-Assets Ratio |
1.84 |
0.95 |
Current Ratio was
increased from 1.18
to 1.85, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.95 to 1.84,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
1.17 |
5.51 |
D/E Ratio was
decreased from 5.51
to 1.17, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
729.41 |
1,642.83 |
|
Total Assets Turnover |
2.57 |
1.14 |
|
Return on Assets |
2.31 |
0.69 |
|
Return on Equity |
5.01 |
4.49 |
|
Day's Payable |
32.46 |
266.34 |
|
Day’s Inventories |
0.00 |
62.11 |
|
Day’s Receivables |
137.02 |
169.06 |
Fixed Assets Turnover
was decreased from
1,642.83 times to
729.41 times, Total
Assets Turnover was
increased from 1.14
times to 2.57
times, show the company could
use Assets so
efficiently, Return on
Assets was increased
from 0.69 to
2.31, Return on
Equity was increased
from 4.49 to
5.01, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 267
days to 33
days, Day’s Inventories
was decreased from
63 days to
0 days, and
Day’s Receivables was
decreased from 170
days to 138
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.94 |
|
UK Pound |
1 |
Rs.82.84 |
|
Euro |
1 |
Rs.65.95 |
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%)