MIRA INFORM
REPORT
|
Report Date : |
26.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
MANEE
DIAM CO., LTD. |
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Registered Office : |
22nd
Floor, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
24.03.2003
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Com. Reg. No.: |
0105546037112 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Distributor of Gem and Jewelry Products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
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 |
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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company NAME
MANEE
DIAM CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 22nd FLOOR,
BANGRAK,
TELEPHONE : [66] 2631-8990-2
FAX : [66] 2631-8996
E-MAIL
ADDRESS : maneediam@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0105546037112
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.
NILESH SAMBHUBHAI ITALIYA,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 17
LINES
OF BUSINESS : GEMS
AND JEWELRY PRODUCTS
IMPORTER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on March
24, 2003 as
a private limited
company under the
name style MANEE
DIAM CO., LTD.
by Indian and
Thai groups, in order to
import and export
of jewelry products.
It currently employs
17 staff.
The subject’s registered address
was initially located
at 297 Surawong
Rd., Suriyawongse, Bangrak, Bangkok
10500.
In 2005, it was relocated to 22nd Floor,
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Nilesh Sambhubhai
Italiya |
Indian |
35 |
|
Mr. Prakash Sambhubhai
Italia |
Indian |
32 |
|
Mrs. Shada Nilesh
Italiya |
Indian |
34 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Nilesh Sambhubhai
Italiya is the Managing Director.
He is Indian
nationality with the
age of 35
years old
Mr. Pinkal B.
Shah is the
General Manager.
He is Indian
nationality.
Mr. Shashi Bhushan
is the Marketing
Manager.
He is Indian
nationality.
BUSINESS OPERATIONS
The subject is engaged in
importing, distributing and exporting
various kinds of
diamond, precious stone
and jewelry products.
PURCHASE
The products are
purchased from both
domestic and overseas
suppliers mainly in
India Hong Kong,
Africa, Belgium and
Japan.
SALES
The products are sold locally,
as well as exporting by wholesale to traders and manufacturers
in India, United
States of America,
Japan, Korea, Taiwan,
Singapore, Turkey, Vietnam,
Hong Kong, Malaysia,
Philippines, Russia and
EU 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
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.
[Head Office :
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
17 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 AGAINST D/A
TERM SHOULD BE
IN ORDER.
COMMENT
The subject had been enjoying an outstanding performance in the previous
years. However, world economic growth remains slow,
and subject’s current
business is likely
as same as
the last year’s
level.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each.
The capital was
increased later as
follows:
Bht. 4,000,000
on April 29,
2003
Bht. 10,000,000
on January 17,
2005
Bht. 15,000,000
on May 23,
2008
The latest registered
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
19, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Nilesh Sambhubhai
Italiya Nationality : Indian Address :
Bangrak, |
25,000 |
16.66 |
|
Mr. Prakash Sambhubhai Italia Nationality : Indian Address :
Bangrak, |
24,250 |
16.17 |
|
Mrs. Shada Nilesh
Italiya Nationality : Indian Address :
Bangrak, |
24,250 |
16.17 |
|
Mr. Suparp Chansri Nationality : Thai Address : 41
Moo 14, Nongjaeng,
Buengsamphan, |
19,125 |
12.75 |
|
Ms. Jamriang Narkjai Nationality : Thai Address : 443
Moo 8, Laemrangking, Buengnarang, |
19,125 |
12.75 |
|
Mr. Charnnarong Poolsuk Nationality : Thai Address : 9
Moo 6, Saensuk,
Varinchamrab, |
19,125 |
12.75 |
|
Ms. Nujaree Chuenjai Nationality : Thai Address : 6
Moo 5, Suksamran,
Takfah, |
19,125 |
12.75 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Wuthichai Kraianant
No. 7573
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in Hand & at Bank |
972,755.97 |
1,033,322.16 |
|
Trade Accts. & Notes Receivable
|
267,698,846.22 |
241,224,291.88 |
|
Inventories |
546,620,056.94 |
878,920,701.07 |
|
Other Current Assets
|
7,501,116.22 |
385,075.34 |
|
|
|
|
|
Total Current Assets
|
822,792,775.35 |
1,121,563,390.45 |
|
Fixed Assets |
9,584,010.15 |
414,969.38 |
|
Fixed Deposit Financial-Loan Guarantee |
7,164,587.50 |
7,000,000.00 |
|
Total Assets |
839,541,373.00 |
1,128,978,359.83 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft & Short Term
Loan from Financial Institution |
55,058,521.17 |
46,067,585.01 |
|
Trade Accts. & Notes
Payable |
493,434,730.78 |
798,703,073.50 |
|
Other Current Liabilities |
1,739,702.51 |
1,549,038.51 |
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Total Current Liabilities |
550,232,954.46 |
846,319,697.02 |
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|
|
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Loan from Related
Person |
247,000,000.00 |
247,000,000.00 |
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Total Liabilities |
797,232,954.46 |
1,093,319,697.02 |
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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 |
|
|
|
|
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Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning -
Unappropriated |
27,308,418.54 |
20,658,662.81 |
|
Total Shareholders' Equity |
42,308,418.54 |
35,658,662.81 |
|
Total Liabilities & Shareholders' Equity |
839,541,373.00 |
1,128,978,359.83 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Sales Income |
1,114,306,538.47 |
755,811,560.57 |
|
Gain from Exchange
Rate |
13,053,617.57 |
10,800,642.55 |
|
Other Income |
166,759.85 |
176,233.83 |
|
Total Sales |
1,127,526,915.89 |
766,788,436.95 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,103,216,556.95 |
741,648,387.28 |
|
Selling Expenses |
1,342,192.04 |
2,187,517.92 |
|
Administrative Expenses |
10,678,529.91 |
11,629,892.66 |
|
Total Expenses |
1,115,237,278.90 |
755,465,797.86 |
|
|
|
|
|
Profit Before Interest Expenses
& Income Tax |
12,289,636.99 |
11,322,639.09 |
|
Interest Expenses |
[2,787,993.15] |
[3,416,878.15] |
|
Profit Before Income Tax |
9,501,643.84 |
7,905,760.94 |
|
Income Tax |
[2,851,888.11] |
[2,608,029.59] |
|
Net Profit / [Loss] |
6,649,755.73 |
5,297,731.35 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.50 |
1.33 |
|
QUICK RATIO |
TIMES |
0.49 |
0.29 |
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|
|
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ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
116.27 |
1,821.37 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.33 |
0.67 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
180.85 |
432.56 |
|
INVENTORY TURNOVER |
TIMES |
2.02 |
0.84 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
87.69 |
116.49 |
|
RECEIVABLES TURNOVER |
TIMES |
4.16 |
3.13 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
163.25 |
393.08 |
|
CASH CONVERSION CYCLE |
DAYS |
105.28 |
155.97 |
|
|
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
99.00 |
98.13 |
|
SELLING & ADMINISTRATION |
% |
1.08 |
1.83 |
|
INTEREST |
% |
0.25 |
0.45 |
|
GROSS PROFIT MARGIN |
% |
2.18 |
3.33 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.10 |
1.50 |
|
NET PROFIT MARGIN |
% |
0.60 |
0.70 |
|
RETURN ON EQUITY |
% |
15.72 |
14.86 |
|
RETURN ON ASSET |
% |
0.79 |
0.47 |
|
EARNING PER SHARE |
BAHT |
44.33 |
35.32 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.95 |
0.97 |
|
DEBT TO EQUITY RATIO |
TIMES |
13.01 |
23.73 |
|
TIME INTEREST EARNED |
TIMES |
4.41 |
3.31 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
47.43 |
|
|
OPERATING PROFIT |
% |
8.54 |
|
|
NET PROFIT |
% |
25.52 |
|
|
FIXED ASSETS |
% |
2,209.57 |
|
|
TOTAL ASSETS |
% |
(25.64) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
2.18 |
Deteriorated |
Industrial Average |
10.24 |
|
Net Profit Margin |
0.60 |
Impressive |
Industrial Average |
(0.62) |
|
Return on Assets |
0.79 |
Impressive |
Industrial Average |
(0.98) |
|
Return on Equity |
15.72 |
Impressive |
Industrial Average |
(2.47) |
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 2.18%. When
compared with the industry average, the ratio of the company was lower.
This indicated that company may have
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 0.6%
compared with those of its average competitors in the same industry, indicated
that business was an efficient operator
in a dominant position within its industry.
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. Return on Assets is 0.79%, higher figure when compared with
those of its average competitors in the same industry, indicated that business
was an efficient profit in a dominant
position within its industry.
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. Return on Equity is
15.72%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.50 |
Satisfactory |
Industrial Average |
1.88 |
|
Quick Ratio |
0.49 |
|
|
|
|
Cash Conversion Cycle |
105.28 |
|
|
|
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 1.5 times in 2009, increase from 1.33 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 0.49 times in 2009,
increase from 0.29 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 get from payment terms from its
creditors. It meant the company could survive when no cash inflow was received
from sale for 106 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.95 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
13.01 |
Risky |
Industrial Average |
1.50 |
|
Times Interest Earned |
4.41 |
Impressive |
Industrial Average |
(0.08) |
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 a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 4.41 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 0.95 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
116.27 |
Impressive |
Industrial Average |
8.46 |
|
Total Assets Turnover |
1.33 |
Satisfactory |
Industrial Average |
1.45 |
|
Inventory Conversion Period |
180.85 |
|
|
|
|
Inventory Turnover |
2.02 |
Satisfactory |
Industrial Average |
2.28 |
|
Receivables Conversion Period |
87.69 |
|
|
|
|
Receivables Turnover |
4.16 |
Impressive |
Industrial Average |
3.31 |
|
Payables Conversion Period |
163.25 |
|
|
|
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.44.45 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.64.78 |
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 |
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.