MIRA
INFORM REPORT
|
Report Date : |
13.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
COMMERCE DE
SIAM COMPANY LIMITED |
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Registered Office : |
Unit 3109, 31st Floor,
Jewelry Trade Center,
919/394 Silom Road,
Silom, 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 : |
27.11.1974 |
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Com. Reg. No.: |
0105517013103 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Imorter,
Distributor And Exporter Of Precious Stones
And Gemstones |
RATING & COMMENTS
|
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 – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
COMMERCE
DE SIAM COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : UNIT
3109, 31st FLOOR,
JEWELRY TRADE CENTER,
919/394 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2630-0743-7,
2630-0833
FAX : [66] 2630-0748
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1974
REGISTRATION
NO. : 0105517013103
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SHAIK DAWOOD BASHEER,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : PRECIOUS STONES
AND GEMSTONES
IMORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on November 27,
1974 as a
private limited company under
the name style
COMMERCE DE SIAM
COMPANY LIMITED, by
Thai and Indian
groups, with the
business objective to import and
distribute precious stones
and gemstones to
both local and
overseas markets. It
currently employs 3
staff.
The subject’s registered address
is 31st Floor,
919/394 Jewelry Trade
Center, Silom Rd.,
Silom, Bangrak, Bangkok 10500,
and this is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Shaik Dawood Basheer |
Indian |
55 |
|
Mr. Jamal Mohamed
Seyed Aboobycker |
Indian |
42 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Shaik Dawood Basheer
is the Managing
Director.
He is Indian
nationality with the
age of 55
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing precious
stones and gemstones,
as well as
exporting jewelry products.
PURCHASE
The products are
purchased from both
local and overseas
suppliers in
India.
SALES
Precious stones and
gemstones are sold
locally to wholesalers, while
the jewelry products
are exported to
India, Singapore and
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 credit term
of 30 days.
Local bill 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 banker’s name
was not disclosed.
EMPLOYMENT
The
subject employs 3
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 OF
US$ 100,000.
COMMENT
The
subject was formed
in 1974 as an importer
and distributor of diamond and
gemstone as well
as exporter of
jewelry products. Subject
encountered a slow
consumption in export
markets which had
suffered from economic
sluggish.
However,
its current business
is on upward
trend.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided
into 2,000 shares
of Bht. 1,000 each.
On
February 10, 1989,
the capital was
increased to Bht. 4,000,000 divided
into 4,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at
April 25, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Jamal Mohamed Seyed
Aboobycker Nationality: Indian Address : 12/1
Mahesak, Suriyawong, Bangrak,
Bangkok |
900 |
22.50 |
|
Mr. Thanom Kateaim Nationality: Thai Address : 95
Sirinthorn Rd., Bangbamru,
Bangplad, Bangkok |
700 |
17.50 |
|
Mr. Utai Kateaim Nationality: Thai Address : 95
Sirinthorn Rd., Bangbamru,
Bangplad, Bangkok |
700 |
17.50 |
|
Mr. Mohamed Sharib Nationality: Indian Address : 12/1 Mahesak, Suriyawong,
Bangrak, Bangkok |
600 |
15.00 |
|
Mr. Shaik Dawood Basheer Nationality: Indian Address : 12/1 Mahesak, Suriyawong,
Bangrak, Bangkok |
400 |
10.00 |
|
Mr. Vichai Prasertsinthana Nationality: Thai Address : 14/1
Sriwieng Rd., Silom,
Bangrak, Bangkok |
400 |
10.00 |
|
Ms. Pattama Choothai Nationality: Thai Address : 43/9
Charoenkrung Rd., Phrayakrai,
Bangkorlaem, Bangkok |
300 |
7.50 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Vicharn Ritthirong
No. 0805
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents
|
497,013.09 |
2,248,211.89 |
|
Trade Accts. Receivable |
8,071,563.07 |
10,509,387.50 |
|
Inventories |
16,172,216.00 |
5,186,371.00 |
|
Total Current Assets
|
24,740,792.16 |
17,943,970.39 |
|
|
|
|
|
Fixed Assets |
502,420.00 |
519,980.00 |
|
Other Assets |
335,921.00 |
335,921.00 |
|
Total Assets |
25,579,133.16 |
18,799,871.39 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accts. Payable |
9,536,422.03 |
1,003,737.60 |
|
Accrued Expenses |
60,481.62 |
19,818.98 |
|
Accrued Income Tax |
40,905.67 |
90,938.52 |
|
Total Current Liabilities |
9,637,809.32 |
1,114,495.10 |
|
Long-term Loan from Related Person |
11,600,000.00 |
13,000,000.00 |
|
Total Liabilities |
21,237,809.32 |
14,114,495.10 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
value authorized, issued
and fully paid share
capital 4,000 shares |
4,000,000.00 |
4,000,000.00 |
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning-
Unappropriated |
341,323.84 |
685,376.29 |
|
Total Shareholders' Equity |
4,341,323.84 |
4,685,376.29 |
|
Total Liabilities &
Shareholders' Equity |
25,579,133.16 |
18,799,871.39 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Operation |
9,609,471.82 |
17,847,987.75 |
|
Other Income |
159,057.67 |
376,715.23 |
|
Total Revenues |
9,768,529.49 |
18,224,702.98 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
8,278,028.16 |
15,685,296.49 |
|
Selling Expenses |
35,823.88 |
19,486.13 |
|
Administrative Expenses |
1,705,324.23 |
1,721,874.79 |
|
Total Expenses |
10,019,176.27 |
17,426,657.41 |
|
Profit Before Income Tax |
[250,646.78] |
798,045.57 |
|
Income Tax |
[93,405.67] |
[128,438.52] |
|
Net Profit / [Loss] |
[344,052.45] |
669,607.05 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.57 |
16.10 |
|
QUICK RATIO |
TIMES |
0.89 |
11.45 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
19.13 |
34.32 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.38 |
0.95 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
713.08 |
120.69 |
|
INVENTORY TURNOVER |
TIMES |
0.51 |
3.02 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
306.59 |
214.92 |
|
RECEIVABLES TURNOVER |
TIMES |
1.19 |
1.70 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
420.49 |
23.36 |
|
CASH CONVERSION CYCLE |
DAYS |
599.17 |
312.25 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
86.14 |
87.88 |
|
SELLING & ADMINISTRATION |
% |
18.12 |
9.76 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
15.51 |
14.23 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(2.61) |
4.47 |
|
NET PROFIT MARGIN |
% |
(3.58) |
3.75 |
|
RETURN ON EQUITY |
% |
(7.93) |
14.29 |
|
RETURN ON ASSET |
% |
(1.35) |
3.56 |
|
EARNING PER SHARE |
BAHT |
(86.01) |
167.40 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.83 |
0.75 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.89 |
3.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(46.16) |
|
|
OPERATING PROFIT |
% |
(131.41) |
|
|
NET PROFIT |
% |
(151.38) |
|
|
FIXED ASSETS |
% |
(3.38) |
|
|
TOTAL ASSETS |
% |
36.06 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.51 |
Impressive |
Industrial Average |
10.37 |
|
Net Profit Margin |
(3.58) |
Deteriorated |
Industrial Average |
(0.89) |
|
Return on Assets |
(1.35) |
Deteriorated |
Industrial Average |
(1.19) |
|
Return on Equity |
(7.93) |
Deteriorated |
Industrial Average |
(3.06) |
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 15.51%.
When compared with the industry average, the ratio of the company was higher,
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 -3.58%.
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 -1.35%.
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 -7.93%.
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 |
2.57 |
Impressive |
Industrial Average |
1.81 |
|
Quick Ratio |
0.89 |
|
|
|
|
Cash Conversion Cycle |
599.17 |
|
|
|
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 2.57 times in 2010, decrease from 16.1 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 0.89 times in 2010,
decrease from 11.45 times, by excluding inventory, the company may have
problems meeting current liabilities.
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 600 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.83 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
4.89 |
Risky |
Industrial Average |
1.53 |
|
Times Interest Earned |
- |
|
Industrial Average |
(0.19) |
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 0.83 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 |
19.13 |
Impressive |
Industrial Average |
8.05 |
|
Total Assets Turnover |
0.38 |
Deteriorated |
Industrial Average |
1.30 |
|
Inventory Conversion Period |
713.08 |
|
|
|
|
Inventory Turnover |
0.51 |
Deteriorated |
Industrial Average |
2.00 |
|
Receivables Conversion Period |
306.59 |
|
|
|
|
Receivables Turnover |
1.19 |
Deteriorated |
Industrial Average |
3.00 |
|
Payables Conversion Period |
420.49 |
|
|
|
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.44.72 |
|
|
1 |
Rs.72.93 |
|
Euro |
1 |
Rs.64.72 |
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.