MIRA INFORM
REPORT
|
Report Date : |
19.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIGNATURE IMPEX
CO., LTD. |
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|
|
|
Formerly Known As : |
BHARGAV
GEMS CO., LTD. |
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|
|
|
Registered Office : |
Gemopolis
Industrial Estate, 40/2 Soi
31, Sukhapibal 2
Road,Dokmai, Pravet, |
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Country : |
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|
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
08.07.1996 |
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Com. Reg. No.: |
0105539075349 |
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Legal Form : |
Private Limited Company |
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|
|
Line of Business : |
Trader of Diamonds 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
SIGNATURE
IMPEX CO., LTD.
[FORMER : BHARGAV GEMS
CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : GEMOPOLIS INDUSTRIAL
ESTATE,
40/2 SOI
31, SUKHAPIBAL 2
ROAD,
DOKMAI, PRAVET,
TELEPHONE : [66] 2727-0297
FAX :
[66] 2727-0298
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1996
REGISTRATION
NO. : 0105539075349
CAPITAL REGISTERED : BHT. 32,000,000
CAPITAL PAID-UP : BHT.
32,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NILESH KUMAR BHOLABHAI
PATEL, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : DIAMONDS &
JEWELRY PRODUCTS
TRADER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 8,
1996 as a
private limited company
under the registered
name BHARGAV GEMS
CO., LTD., by Indian
groups, in order
to operate as a
jewelry trader.
On
May 27, 2005,
subject’s name was changed to
SIGNATURE IMPEX CO.,
LTD. It currently
employs 20 staff.
The subject’s registered
address was initially
located at 7/6 Soi
Suwansawat, Rama 4 Rd., Thungmahamek,
Sathorn, Bangkok 10120.
On May 9,
2004, subject’s registered
address was changed
to 1535/108 Chan
Rd., Thungwatdon, Sathorn,
Bangkok 10120.
On
June 6, 2007,
the subject’s registered
address was relocated to
Gemopolis Industrial Estate,
40/2 Soi 31, Sukhapibal 2
Rd., Dokmai, Pravet,
Bangkok 10250, and
this is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nilesh Kumar
Bholabhai Patel |
|
Indian |
32 |
|
Mrs. Vaishaki Nilesh
Patel |
|
Indian |
31 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Nilesh Kumar
Bholabhai Patel is
the Managing Director.
He is Indian
nationality with the
age of 32 years
old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing diamonds
and gemstones for jewelry
production. The subject is also
exporting precious, semi-precious
stone, jewelry and
silverware products to
worldwide market.
The subject hires
local manufacturers for
the production of
silverware and jewelry
products.
IMPORT
Diamonds and gemstones are
imported from India,
Sri Lanka, Pakistan,
Belgium, Russia South
Africa and Hong
Kong.
SALES
20%
of the products
are sold by
wholesale to domestic
market.
EXPORT
80% of
the products is
exported to Germany,
France, Belgium, Canada, Switzerland, Japan,
United Kingdom, Italy, Hong Kong,
Singapore, Taiwan, Republic
of China
and United States
of America.
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.
BUSINESS TRANSACTION
The
products are sold
by cash and
credit, with the maximum credit
given at
30-60 days. The subject
is found to have some delay payment
from customer, but
they can negotiate.
BANKING
Bangkok
Bank Public Co., Ltd.
[Head Office :
EMPLOYMENT
The subject
employs approximately 20
staff [office and
sales staff].
LOCATION DETAILS
The premise is rented for administrative office at the heading address. Premise is located in commercial/residential are
COMMENT
The subject’s
business in last year
was brisk due to demand of
diamond and gemstones from jewelry industry
had grown in line
with positive local
consumption and exports.
Moreover, the industry has been revised upward in view of
an improving economic outlook.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 4,000,000 divided
into 40,000 shares of Bht.
100 each.
The
capital was increased
later as follows:
Bht. 6,000,000
on December 13,
2001
Bht. 20,000,000
on December 19,
2002
Bht. 32,000,000
on April 11,
2006
The
latest registered capital
was increased to
Bht. 32,000,000 divided into
320,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr.
Nilesh Kumar Bholabhai
Patel Nationality: Indian Address : 12 Nanee
Nakar, |
129,800 |
40.56 |
|
Mr. Bholabhai Bagerbhai
Patel Nationality: Indian Address : |
81,600 |
25.50 |
|
Mrs. Jayaben
Bholabhai Patel Nationality: Indian Address : |
40,800 |
12.75 |
|
Mr. Waichalee Nilesh
Patel Nationality: Indian Address : |
38,800 |
12.12 |
|
Mr.
Behagay Kumar Bholabhai
Patel Nationality: Indian Address : 12
Nanee Nakar, |
25,000 |
7.81 |
|
Mr.
Zailesh Kumar Kasanbhai
Beemani Nationality: Indian Address : |
2,000 |
0.63 |
|
Mrs.
Chinpa Kumari Shilesh
Kumar Beemani Nationality: Indian Address : |
2,000 |
0.63 |
Total Shareholder : 7
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO
Ms. Vimol Suthitivanich No.
7840
BALANCE SHEET
The latest financial
figures published for
December 31, 2009
& 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalents |
37,165.41 |
42,690.29 |
|
Trade Accts. Receivable |
17,349,502.37 |
116,594,433.93 |
|
Inventories |
91,673,951.86 |
37,146,433.35 |
|
Other Current Assets |
1,347,207.85 |
256,196.61 |
|
Total Current Assets
|
110,407,827.49 |
154,039,754.18 |
|
|
|
|
|
Fixed Assets |
24,502,267.38 |
25,873,950.00 |
|
Total Assets |
134,910,094.87 |
179,913,704.18 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft |
354,309.33 |
1,739,422.92 |
|
Trade Accts. Payable & Postdated Cheque |
86,133,268.74 |
116,349,620.49 |
|
Current Portion of Long-term Loans |
2,544,000.00 |
3,048,000.00 |
|
Current Portion of
Hire-purchase Contract Liabilities |
51,000.00 |
487,033.19 |
|
Accrued Expenses |
383,311.33 |
253,649.35 |
|
Other Current Liabilities |
34,300.00 |
119,252.66 |
|
Total Current Liabilities |
89,500,189.40 |
121,996,978.61 |
|
Long Term Loan
from Financial Institute |
9,333,230.84 |
9,660,491.21 |
|
Long Term Loan from
Related Person |
1,720,000.00 |
14,475,000.00 |
|
Hire-purchase Contract Liabilities
Net of Current Portion |
- |
51,000.00 |
|
Other Liabilities |
52,500.00 |
165,200.00 |
|
Total Liabilities |
100,605,920.24 |
146,348,669.82 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 320,000 shares
|
32,000,000.00 |
32,000,000.00 |
|
Capital Paid |
32,000,000.00 |
32,000,000.00 |
|
Retained Earning -
Unappropriated |
2,304,174.63 |
1,565,034.36 |
|
Total Shareholders' Equity |
34,304,174.63 |
33,565,034.36 |
|
Total Liabilities & Shareholders' Equity |
134,910,094.87 |
179,913,704.18 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales |
300,975,247.13 |
148,314,847.45 |
|
Other Income |
1,072,909.70 |
4,379,300.13 |
|
Total Revenues |
302,048,156.83 |
152,694,147.58 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
291,913,572.63 |
143,207,085.00 |
|
Selling Expenses |
1,650,962.30 |
1,376,555.84 |
|
Administrative Expenses |
5,972,000.98 |
6,164,184.55 |
|
Total Expenses |
299,536,535,99 |
150,747,825.39 |
|
Profit / [Loss] Before Finance Expenses & Income Tax |
2,511,620.84 |
1,946,322.19 |
|
Finance Expenses |
[1,451,813.17] |
[1,204,580.10] |
|
Income Tax |
[320,667.40] |
[231,263.01] |
|
Net Profit / [Loss] |
739,140.27 |
510,479.08 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.23 |
1.26 |
|
QUICK RATIO |
TIMES |
0.19 |
0.96 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.28 |
5.73 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.23 |
0.82 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
114.63 |
94.68 |
|
INVENTORY TURNOVER |
TIMES |
3.18 |
3.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
21.04 |
286.94 |
|
RECEIVABLES TURNOVER |
TIMES |
17.35 |
1.27 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
107.70 |
296.55 |
|
CASH CONVERSION CYCLE |
DAYS |
27.97 |
85.07 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
96.99 |
96.56 |
|
SELLING & ADMINISTRATION |
% |
2.53 |
5.08 |
|
INTEREST |
% |
0.48 |
0.81 |
|
GROSS PROFIT MARGIN |
% |
3.37 |
6.40 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.83 |
1.31 |
|
NET PROFIT MARGIN |
% |
0.25 |
0.34 |
|
RETURN ON EQUITY |
% |
2.15 |
1.52 |
|
RETURN ON ASSET |
% |
0.55 |
0.28 |
|
EARNING PER SHARE |
BAHT |
2.31 |
1.60 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.75 |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.61 |
3.63 |
|
TIME INTEREST EARNED |
TIMES |
1.73 |
1.62 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
102.93 |
|
|
OPERATING PROFIT |
% |
29.04 |
|
|
NET PROFIT |
% |
44.79 |
|
|
FIXED ASSETS |
% |
(5.30) |
|
|
TOTAL ASSETS |
% |
(25.01) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
3.37 |
Deteriorated |
Industrial Average |
10.24 |
|
Net Profit Margin |
0.25 |
Impressive |
Industrial Average |
(0.62) |
|
Return on Assets |
0.55 |
Impressive |
Industrial Average |
(0.98) |
|
Return on Equity |
2.15 |
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 revenues 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 3.37%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have 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 0.25%.
higher figure when
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 0.55%,
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
2.15%, 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 |
1.23 |
Acceptable |
Industrial Average |
1.88 |
|
Quick Ratio |
0.19 |
|
|
|
|
Cash Conversion Cycle |
27.97 |
|
|
|
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 1.23 times in 2009, decrease from 1.26 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 0.19 times in 2009,
decrease from 0.96 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 28 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.75 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
2.61 |
Risky |
Industrial Average |
1.50 |
|
Times Interest Earned |
1.73 |
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 stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.73 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 0.75 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 |
12.28 |
Impressive |
Industrial Average |
8.46 |
|
Total Assets Turnover |
2.23 |
Impressive |
Industrial Average |
1.45 |
|
Inventory Conversion Period |
114.63 |
|
|
|
|
Inventory Turnover |
3.18 |
Impressive |
Industrial Average |
2.28 |
|
Receivables Conversion Period |
21.04 |
|
|
|
|
Receivables Turnover |
17.35 |
Impressive |
Industrial Average |
3.31 |
|
Payables Conversion Period |
107.70 |
|
|
|
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
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 Company |
---- |
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.