MIRA INFORM
REPORT
|
Report Date : |
22.04.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
ACE
DIAM CO., LTD. |
|
|
|
|
Formerly Known As : |
MAHI DIAM CO., LTD |
|
|
|
|
Registered Office : |
Suite 304, 3rd Floor, J.K. Building, 6 Mahesak 3 Road, Suriyawongse, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
01.08.2002 |
|
|
|
|
Com. Reg. No.: |
0105545079016 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor & Exporter of
Diamonds |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company
name
ACE
DIAM CO., LTD.
[FORMER:
MAHI DIAM CO., LTD.]
SUMMARY
BUSINESS
ADDRESS :
6
MAHESAK 3 ROAD,
SURIYAWONGSE,
BANGRAK,
TELEPHONE : [66] 2635-6414
FAX :
[66] 2635-6428
E-MAIL
ADDRESS : ace_diam@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545079016 [Former : 10154500950]
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.
NIGUM R. SHAH,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : DIAMONDS
IMPORTER, DISTRIBUTOR
& EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on August 1,
2002 as a
private limited company under
the registered name MAHI
DIAM CO., LTD. by Thai
and Indian groups,
in order to
supply diamonds for
jewellery production industry
in both domestic and
overseas markets.
On
December 3, 2002, the
subject changed its
name to be
ACE DIAM CO., LTD.
It has currently
employs 3 staff.
The
subject’s registered address
is
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nigum R.
Shah |
|
Indian |
30 |
|
Mr. Biren Ashok
Kumar Shah |
|
Indian |
39 |
AUTHORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Nigum R. Shah is
the Managing Director.
He is Indian
nationality with the
age of 30 years
old.
BUSINESS
OPERATIONS
The subject is engaged
in importing, distributing
and exporting various
kinds of diamonds
and jewelry products.
PURCHASE
Its
products are purchased
from suppliers both
local and overseas
in India and
South Africa.
DISTRIBUTION
The
products are sold
to customers both
traders and manufacturers
in domestic and
overseas countries such as
France, Hong Kong and
etc.
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 on negotiated
term.
Exports
are against T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 3
office staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial area.
REMARK
CREDIT
OF US$ 500,00 AGAINST
D/A TERM SHOULD
BE ON SECURED
BASIS.
COMMENT
The economic crisis
has affected virtually
every aspect of business,
as evident from the decline
productions of jewelry
industry, while the subject’s
business was also resulted
from sluggish industry.
Subject’s market in
2009 has to undergo
many changes and
been adjusted for
facing significant pressures.
FINANCIAL
INFORMATION
The
capital was initially
registered at Bht.
3,000,000 divided into 30,000 shares of Bht.
100 each.
The
capital was increased
later as follows:
Bht. 4,000,000
on July 9,
2003
Bht. 8,000,000
on January 17,
2005
The
latest registered 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, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Biren Ashok
Kumar Shah Nationality: Indian Address : 6 Mahesak
3 Rd., Suriyawongse, Bangrak, |
32,000 |
40.00 |
|
Ms. Rapeephan Kunakornwatana Nationality: Thai Address : 6 Mahesak
3 Rd., Suriyawongse, Bangrak, |
10,200 |
12.75 |
|
Ms. Kanokwan Kongpaisalthavorn Nationality: Thai Address : |
10,200 |
12.75 |
|
Mrs. Asadaporn Kadsanit Nationality: Thai Address : 129/72 Moo
6, Banklang, Muang,
Lamphun |
10,200 |
12.75 |
|
Ms. Prapispun Kruewal Nationality: Thai Address :
Bangkoknoi, |
10,200 |
12.75 |
|
Mr. Nigum R.
Shah Nationality: Indian Address : 6 Mahesak
3 Rd., Suriyawongse, Bangrak, |
4,000 |
5.00 |
|
Mrs. Vizari B.
Shah Nationality: Indian Address : |
3,200 |
4.00 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Surin Ruengpetch No.
3741
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 & 2008
were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalent |
247,867.58 |
218,007.58 |
|
Trade Accounts & Notes
Receivable |
7,207,737.47 |
18,588,378.30 |
|
Inventories |
80,050,830.40 |
9,483,350.22 |
|
Deposit |
- |
11,353,770.00 |
|
|
|
|
|
Total Current Assets
|
87,506,435.45 |
39,643,506.10 |
|
|
|
|
|
Fixed Assets |
1.00 |
1.00 |
|
Total Assets |
87,506,436.45 |
39,643,507.10 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Accounts Payable |
72,854,228.12 |
29,183,798.37 |
|
Loan from Bank |
4,149,674.84 |
- |
|
Other Current Liabilities |
141,185.51 |
114,308.68 |
|
|
|
|
|
Total Current Liabilities |
77,145,088.47 |
29,298,107.05 |
|
Total Liabilities |
77,145,088.47 |
29,298,107.05 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 80,000 shares |
8,000,000.00 |
8,000,000.00 |
|
|
|
|
|
Capital Paid |
8,000,000.00 |
8,000,000.00 |
|
Retained Earning-
Unappropriated |
2,361,347.98 |
2,345,400.05 |
|
Total Shareholders' Equity |
10,361,347.98 |
10,345,400.05 |
|
Total Liabilities & Shareholders' Equity |
87,506,436.45 |
39,643,507.10 |
PROFIT
& LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Sales |
38,700,688.57 |
90,327,135.33 |
|
Other Income |
880,519.71 |
156,159.21 |
|
Total Sales |
39,581,208.28 |
90,483,294.54 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
36,793,648.91 |
87,217,977.22 |
|
Selling and Administrative Expenses |
2,547,215.46 |
2,866,881.05 |
|
Total Expenses |
39,340,864.37 |
90,084,858.30 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
240,343.91 |
398,436.24 |
|
Financial Cost |
[75,195.01] |
- |
|
Profit / [Loss] before Income
Tax |
165,148.90 |
398,436.24 |
|
Income Tax |
[149,200.97] |
[329,567.28] |
|
|
|
|
|
Net Profit / [Loss] |
15,947.93 |
68,868.96 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.13 |
1.35 |
|
QUICK RATIO |
TIMES |
0.10 |
1.03 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
38,700,688.57 |
90,327,135.33 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.44 |
2.28 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
794.12 |
39.69 |
|
INVENTORY TURNOVER |
TIMES |
0.46 |
9.20 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
67.98 |
75.11 |
|
RECEIVABLES TURNOVER |
TIMES |
5.37 |
4.86 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
722.73 |
122.13 |
|
CASH CONVERSION CYCLE |
DAYS |
139.37 |
(7.33) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
95.07 |
96.56 |
|
SELLING & ADMINISTRATION |
% |
6.58 |
3.17 |
|
INTEREST |
% |
0.19 |
- |
|
GROSS PROFIT MARGIN |
% |
7.20 |
3.61 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.62 |
0.44 |
|
NET PROFIT MARGIN |
% |
0.04 |
0.08 |
|
RETURN ON EQUITY |
% |
0.15 |
0.67 |
|
RETURN ON ASSET |
% |
0.02 |
0.17 |
|
EARNING PER SHARE |
BAHT |
0.20 |
0.86 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.88 |
0.74 |
|
DEBT TO EQUITY RATIO |
TIMES |
7.45 |
2.83 |
|
TIME INTEREST EARNED |
TIMES |
3.20 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(57.15) |
|
|
OPERATING PROFIT |
% |
(39.68) |
|
|
NET PROFIT |
% |
(76.84) |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
120.73 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.20 |
Acceptable |
Industrial Average |
12.68 |
|
Net Profit Margin |
0.04 |
Deteriorated |
Industrial Average |
0.70 |
|
Return on Assets |
0.02 |
Deteriorated |
Industrial Average |
0.84 |
|
Return on Equity |
0.15 |
Deteriorated |
Industrial Average |
1.97 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from Sales after accounting for the cost of
goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The company's figure is 7.2%. When compared with
the industry average, the ratio of the company was lower. This indicated that company was originated from
the problems with control over its
costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 0.04%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, its was lower, the company's figure is 0.02%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the shareholders
earned for their investment in the company. When compared with the industry
average, its was lower, the company's figure is 0.15%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY
RATIO
|
Current Ratio |
1.13 |
Deteriorated |
Industrial Average |
2.45 |
|
Quick Ratio |
0.10 |
|
|
|
|
Cash Conversion Cycle |
139.37 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.13 times in 2009, decrease from 1.35 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.1 times in 2009,
decrease from 1.03 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 140 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE
RATIO
|
Debt Ratio |
0.88 |
Impressive |
Industrial Average |
0.59 |
|
Debt to Equity Ratio |
7.45 |
Risky |
Industrial Average |
1.49 |
|
Times Interest Earned |
3.20 |
Impressive |
Industrial Average |
0.83 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has stronger
equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 3.2 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.88 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY
RATIO
|
Fixed Assets Turnover |
38,700,688.57 |
Impressive |
Industrial Average |
5.74 |
|
Total Assets Turnover |
0.44 |
Deteriorated |
Industrial Average |
1.20 |
|
Inventory Conversion Period |
794.12 |
|
|
|
|
Inventory Turnover |
0.46 |
Deteriorated |
Industrial Average |
1.32 |
|
Receivables Conversion Period |
67.98 |
|
|
|
|
Receivables Turnover |
5.37 |
Impressive |
Industrial Average |
2.90 |
|
Payables Conversion Period |
722.73 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.33 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.