MIRA INFORM REPORT
|
Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
DEEP
IMPEX CO., LTD. |
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|
|
|
Registered Office : |
Suite No. 110, 10th Floor,
Executive House, 410/111 Surawongse
Road, Suriyawongse, Bangrak, Bangkok
10500 |
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Country : |
Thailand |
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|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.02.1999 |
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|
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Com. Reg. No.: |
0105542012891 |
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|
Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Importer, Distributor and Exporter of Diamond and Jewelry Products |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
DEEP IMPEX CO., LTD.
SUMMARY
BUSINESS
ADDRESS : SUITE
NO. 110, 10th
FLOOR, EXECUTIVE HOUSE,
410/111 SURAWONGSE
ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2267-4663,
2267-4294, 081 441-1731
FAX :
[66] 2631-6639
E-MAIL
ADDRESS : deepimpex@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542012891 [Former : 199/2542]
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. SANDEIP JAIN,
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 : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on February 24,
1999 as a
private limited company
under the name
style DEEP IMPEX CO.,
LTD., by Indian groups, to
be engaged in
jewelry trading business.
It currently employs
6 staff.
The subject’s registered
address is 410/110 Surawongse
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sandeip Jain |
|
Indian |
43 |
|
Mr. Ashish Jain |
|
Indian |
28 |
|
Mr. Ajmera Aashish |
|
Indian |
28 |
AUTHORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sandeip Jain is
the Managing Director.
He is Indian
nationality with the
age of 43
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and exporting various
kinds of ruby, sapphire,
specialist in rose cut,
old cut, fancy shapes,
fancy color diamonds, diamond,
briolette and beads.
IMPORT
Most
of the products
are imported from
India and South
Africa.
SALES
The products are
sold locally by
wholesale to traders,
manufacturers and end-users.
EXPORT
The products are exported to
Hong Kong, United
States of America
and European countries.
MAJOR CUSTOMER
Deep Impex [HK]
Co., Ltd. : Hong Kong
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
The subject was not disclosed
its bank.
EMPLOYMENT
The
subject employs 6
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading address.
Premise is located
in a prime
commercial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
50,000.
COMMENT
The
subject was formed
in 1999 as
an importer, distributor
and exporter of
diamonds and precious stones. Jewelry
industry improvement has
resulted to strong
demand of diamond and
precious stones.
Consumption of the jewelry
products has dramatically
increased by rising
consumers’ spending.
Subject’
s business outlook
is promising.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each.
The
capital was increased
later as following :
Bht. 4,000,000
on December 19,
2001
Bht. 20,000,000
on August 19,
2003
On
April 7, 2006,
the capital was
decreased to Bht. 8,000,000 divided
into 80,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE : [as at
June 28, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sandeip Jain Nationality: Indian Address : 410/110
Surawongse Rd., Suriyawongse,
Bangrak, Bangkok |
19,600 |
24.50 |
|
Mrs. Araya Mohammad Nationality: Thai Address : 128
Trok Rongpasee, Charoenkrung 36 Rd., Siphya, Bangrak,
Bangkok |
10,200 |
12.75 |
|
Ms. Kusuma Dawud Nationality: Thai Address : 128/2
Trok Rongpasee,
Charoenkrung 36 Rd.,
Siphya, Bangrak, Bangkok |
10,200 |
12.75 |
|
Mrs. Molrudee Wongsiri Nationality: Thai Address : 128
Trok Rongpasee, Charoenkrung 36 Rd.,
Siphya, Bangrak, Bangkok |
10,200 |
12.75 |
|
Mr. Kritsarayuth Wongsiri Nationality: Thai Address : 128
Trok Rongpasee, Charoenkrung 36 Rd.,
Siphya, Bangrak, Bangkok |
10,200 |
12.75 |
|
Mr. Ajmera Aashish Nationality: Indian Address : 410/110 Surawongse Rd.,
Suriyawongse,
Bangrak, Bangkok |
9,800 |
12.25 |
|
Mr. Ashish Jain Nationality: Indian Address : 410/110 Surawongse Rd.,
Suriyawongse,
Bangrak, Bangkok |
9,800 |
12.25 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Monchaya Tantikulpong
No. 6866
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in hand
& at Bank
|
518,683.11 |
551,561.69 |
|
Trade Accts. Receivable |
14,419,487.63 |
20,034,018.99 |
|
Inventories |
37,266,800.11 |
40,269,198.73 |
|
Other Current Assets |
71,752.81 |
- |
|
Total Current Assets
|
52,276,723.66 |
60,854,779.41 |
|
Fixed Assets |
3,064,521.98 |
2,043,416.18 |
|
Total Assets |
55,341,245.64 |
62,898,195.59 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Account Payable |
4,162,603.46 |
9,623,235.71 |
|
Payable Related Company |
39,891,026.06 |
41,688,219.06 |
|
Loan to Director |
3,190,000.00 |
3,190,000.00 |
|
Other Current Liabilities |
42,625.77 |
126,609.89 |
|
Total Current Liabilities |
47,286,255.29 |
54,628,064.66 |
|
Total Liabilities |
47,286,255.29 |
54,628,064.66 |
|
|
|
|
|
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 |
54,990.35 |
270,130.93 |
|
Total Shareholders' Equity |
8,054,990.35 |
8,270,130.93 |
|
Total Liabilities & Shareholders' Equity |
55,341,245.64 |
62,898,195.59 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
27,561,208.41 |
26,219,267.81 |
|
Other Income |
2,216,430.31 |
1,732,192.45 |
|
Total Sales |
29,777,638.72 |
27,951,460.26 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
25,864,142.74 |
23,687,180.81 |
|
Selling & Administrative Expenses |
4,128,636.56 |
3,993,326.46 |
|
Total Expenses |
29,992,779.30 |
27,680,507.27 |
|
Profit / [Loss] Before Income
Tax |
[215,140.58] |
270,952.99 |
|
Income Tax |
- |
[129,233.00] |
|
Net Profit / [Loss] |
[215,140.58] |
141,719.99 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.11 |
1.11 |
|
QUICK RATIO |
TIMES |
0.32 |
0.38 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.99 |
12.83 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.50 |
0.42 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
525.92 |
620.52 |
|
INVENTORY TURNOVER |
TIMES |
0.69 |
0.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
190.96 |
278.89 |
|
RECEIVABLES TURNOVER |
TIMES |
1.91 |
1.31 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
58.74 |
148.29 |
|
CASH CONVERSION CYCLE |
DAYS |
658.13 |
751.12 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.84 |
90.34 |
|
SELLING & ADMINISTRATION |
% |
14.98 |
15.23 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
14.20 |
16.26 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.78) |
1.03 |
|
NET PROFIT MARGIN |
% |
(0.78) |
0.54 |
|
RETURN ON EQUITY |
% |
(2.67) |
1.71 |
|
RETURN ON ASSET |
% |
(0.39) |
0.23 |
|
EARNING PER SHARE |
BAHT |
(2.69) |
1.77 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.85 |
0.87 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.87 |
6.61 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
5.12 |
|
|
OPERATING PROFIT |
% |
(179.40) |
|
|
NET PROFIT |
% |
(251.81) |
|
|
FIXED ASSETS |
% |
49.97 |
|
|
TOTAL ASSETS |
% |
(12.01) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
14.20 |
Impressive |
Industrial
Average |
13.82 |
|
Net Profit Margin |
(0.78) |
Deteriorated |
Industrial
Average |
1.28 |
|
Return on Assets |
(0.39) |
Deteriorated |
Industrial
Average |
3.11 |
|
Return on Equity |
(2.67) |
Deteriorated |
Industrial
Average |
7.67 |
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 14.2%. When compared with the industry average, the ratio of
the company was higher. This indicated that company was more profitable than
the same industry.
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 -0.78%.
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, it was lower, the company's figure is -0.39%.
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, it was lower, the company's figure is -2.67%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.11 |
Acceptable |
Industrial
Average |
1.70 |
|
Quick Ratio |
0.32 |
|
|
|
|
Cash Conversion Cycle |
658.13 |
|
|
|
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 1.11 times in 2010, decrease from 1.11 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 0.32 times in 2010,
decrease from 0.38 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 659 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.85 |
Acceptable |
Industrial
Average |
0.57 |
|
Debt to Equity Ratio |
5.87 |
Risky |
Industrial
Average |
1.34 |
|
Times Interest Earned |
- |
|
Industrial
Average |
2.44 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.85 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
8.99 |
Satisfactory |
Industrial
Average |
10.00 |
|
Total Assets Turnover |
0.50 |
Deteriorated |
Industrial
Average |
2.42 |
|
Inventory Conversion Period |
525.92 |
|
|
|
|
Inventory Turnover |
0.69 |
Deteriorated |
Industrial
Average |
5.44 |
|
Receivables Conversion Period |
190.96 |
|
|
|
|
Receivables Turnover |
1.91 |
Deteriorated |
Industrial
Average |
5.88 |
|
Payables Conversion Period |
58.74 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
UK Pound |
1 |
Rs.73.53 |
|
Euro |
1 |
Rs.64.37 |
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.