MIRA INFORM REPORT
|
Report Date : |
02.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
ANJU
ENTERPRISE CO., LTD. |
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Registered Office : |
25th
Floor, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
08.07.2002 |
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Com. Reg. No.: |
0105545070043 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer, Distributor and Exporter of Diamonds and Jewelry Products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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 : |
Unknown |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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
ANJU ENTERPRISE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 25th FLOOR,
BANGRAK,
TELEPHONE : [66] 2267-4780-2
FAX :
[66] 2267-4733
E-MAIL
ADDRESS : anjuent@samarts.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545070043 [Former
: 10454501193]
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
RISHI MAFATLAL KOTHARI,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 7
LINES
OF BUSINESS : DIAMONDS AND
JEWELRY PRODUCTS
IMPORTER, DISTRIBUTOR
AND 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 July 8,
2002 as a
private limited company
under the name
style ANJU ENTERPRISE
CO., LTD. by Indian
and Thai partners,
in order to
import, distribute and
export of diamond
and jewelry products.
It currently employs
7 staff.
The
subject’s registered address
is 25th Flr.,
Gems Tower, 1249/182
Charoenkrung Rd., Suriyawongse, Bangrak, Bangkok 10500, and this is
the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Rishi Mafatlal Kothari |
|
Indian |
30 |
|
Mr. Anand Jayantilal
Kothari |
|
Indian |
25 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Rishi Mafatlal
Kothari is the
Managing Director.
He is Indian
nationality with the
age of 30
years old.
BUSINESS OPERATIONS
The subject is
engaged in jewelry
trading business comprising;
- Importing and
distributing of diamonds and
gemstones
- Exporting of
diamonds, gemstones and
jewelry products.
IMPORT
Diamonds
and gemstones are
imported from India,
Africa, Pakistan and
Belgium.
MAJOR SUPPLIER
R.
Kothari Co., Ltd. :
SALES [LOCAL]
The imported diamonds
and gemstones are
sold locally to
wholesalers and manufacturers.
EXPORT
Jewelry
products are exported
to United States of America, Sri
Lanka, Hong Kong, Malaysia,
Japan, Italy, Germany,
North America and
United Kingdom.
AFFILIATED COMPANY
The subject is
not found to have
any subsidiary or
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 on negotiated
term.
BUSINESS TRANSACTION
The products are
sold both by
cash and credit,
with the credit given
at 30-60 days.
The subject is
not found to
have problem on
its account receivable.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office :
EMPLOYMENT
The
subject employs 7
staff [office and
sales staff]
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial
area.
REMARK
MAXIMUM
CREDIT OF US$ 500,000 SHOULD BE IN ORDER.
COMMENT
Consumption slowdown has limited expansion
of jewelry industry including
diamonds, precious stone, gold,
platinum and other
related products. Subject’s
business had been affected from
slow consumption in the
year 2009. Business slowdown
had seen largely
in jewelry industry
including imported diamond
and precious stone,
as well as slow consumption also
had a negative
result of exported
jewelry.
However,
economic improvement has
seen since the
beginning of 2010,
and also led to spur
demand of jewelry
products, diamond and precious
stone. Subject also has a
positive business outlook.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 4,000,000 divided into
40,000 shares of Bht.
100 each.
On
November 5, 2004,
the capital was
increased to Bht. 6,000,000 divided
into 60,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
August 31, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Rishi Mafatlal Kothari Nationality: Indian Address : Banglampoolang, Klongsarn, |
24,500 |
24.50 |
|
Mr. Anand Jayantilal
Kothari Nationality: Indian Address : 304 Mumbai
|
24,166 |
24.17 |
|
Mrs. Sumalee Langsanti Nationality: Thai Address : 5/78
Moo 1, Khokfad, Nongjok,
|
12,750 |
12.75 |
|
Mr. Narong Kongthon Nationality: Thai Address : 134
Klongtonnua, Wattana, |
12,750 |
12.75 |
|
Mr. Vorapoj Kongdon Nationality: Thai Address : 99/166
Soi Phaholyothin 50, Anusaovaree, Bangkhen,
|
12,750 |
12.75 |
|
|
|
|
|
Mr. Pichet Kulamorndej Nationality: Thai Address : 26/2
Soi Manthai, Klongmahanak,
Pomprabsattrupai, |
12,750 |
12.75 |
|
Mrs. Anju Jayantilal
Kothari Nationality: Indian Address : 304 Mumbai
|
334 |
0.33 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Punnee Sornprachum
No. 634
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalents |
1,595,080.64 |
281,845.15 |
|
Trade Account & Notes Receivable |
9,263,532.77 |
32,919,313.66 |
|
Inventories |
129,941,726.09 |
65,130,499.51 |
|
Other Current Assets
|
36,501.15 |
670,601.70 |
|
Total Current Assets
|
140,836,840.65 |
99,002,260.02 |
|
|
|
|
|
Fixed Assets |
6,791,981.54 |
7,574,634.01 |
|
Other Assets |
544,804.38 |
1,250,035.80 |
|
Total Assets |
148,173,626.57 |
107,826,929.83 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
18,380,395.01 |
11,423,901.50 |
|
Trade Account & Notes Payable |
93,718,334.54 |
65,807,349.41 |
|
Short Term Loan
from Related Person |
- |
20,570,000.57 |
|
Other Current Liabilities |
2,000,014.00 |
228,166.09 |
|
Total Current Liabilities |
114,098,743.55 |
98,029,417.57 |
|
Long-term Loan from Related Person |
22,058,000.57 |
- |
|
Total Liabilities |
136,156,744.12 |
98,029,417.57 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 60,000 shares |
6,000,000.00 |
6,000,000.00 |
|
Capital Paid |
6,000,000.00 |
6,000,000.00 |
|
Retained Earning -
Unappropriated |
6,016,882.45 |
3,797,512.26 |
|
Total Shareholders' Equity |
12,016,882.45 |
9,797,512.26 |
|
Total Liabilities & Shareholders' Equity |
148,173,626.57 |
107,826,929.83 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Operation Income |
67,421,125.65 |
108,369,503.23 |
|
Rental Income |
480,000.00 |
480,000.00 |
|
Other Income |
4,604,796.74 |
495,547.94 |
|
Total Sales |
72,505,922.39 |
109,345,051.17 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
61,048,081.45 |
101,544,267.46 |
|
Selling Expenses |
2,587,708.57 |
2,382,121.01 |
|
Administrative Expenses |
4,697,559.10 |
4,681,272.47 |
|
Other Expenses |
- |
146,969.79 |
|
Total Expenses |
68,333,349.12 |
108,754,630.73 |
|
Profit / [Loss] Before Financial Cost & Income Tax |
4,172,573.27 |
590,420.44 |
|
Financial Cost |
[808,162.77] |
[1,789,588.54] |
|
Income Tax |
[1,145,040.31] |
- |
|
Net Profit / [Loss] |
2,219,370.19 |
[1,199,168.10] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.23 |
1.01 |
|
QUICK RATIO |
TIMES |
0.10 |
0.34 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.00 |
14.37 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.46 |
1.01 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
776.91 |
234.11 |
|
INVENTORY TURNOVER |
TIMES |
0.47 |
1.56 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
49.80 |
110.39 |
|
RECEIVABLES TURNOVER |
TIMES |
7.33 |
3.31 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
560.33 |
236.54 |
|
CASH CONVERSION CYCLE |
DAYS |
266.37 |
107.95 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.91 |
93.29 |
|
SELLING & ADMINISTRATION |
% |
10.73 |
6.49 |
|
INTEREST |
% |
1.19 |
1.64 |
|
GROSS PROFIT MARGIN |
% |
16.87 |
7.17 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.15 |
0.54 |
|
NET PROFIT MARGIN |
% |
3.27 |
(1.10) |
|
RETURN ON EQUITY |
% |
18.47 |
(12.24) |
|
RETURN ON ASSET |
% |
1.50 |
(1.11) |
|
EARNING PER SHARE |
BAHT |
36.99 |
(19.99) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.92 |
0.91 |
|
DEBT TO EQUITY RATIO |
TIMES |
11.33 |
10.01 |
|
TIME INTEREST EARNED |
TIMES |
5.16 |
0.33 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(37.62) |
|
|
OPERATING PROFIT |
% |
606.71 |
|
|
NET PROFIT |
% |
285.08 |
|
|
FIXED ASSETS |
% |
(10.33) |
|
|
TOTAL ASSETS |
% |
37.42 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
16.87 |
Impressive |
Industrial Average |
10.62 |
|
Net Profit Margin |
3.27 |
Impressive |
Industrial Average |
(0.91) |
|
Return on Assets |
1.50 |
Impressive |
Industrial Average |
(1.16) |
|
Return on Equity |
18.47 |
Impressive |
Industrial Average |
(2.99) |
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 16.87%. 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 3.27%
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 1.5%,
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 18.47%,
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 |
1.85 |
|
Quick Ratio |
0.10 |
|
|
|
|
Cash Conversion Cycle |
266.37 |
|
|
|
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 1.23 times in 2009, increase from 1.01 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 0.34 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 267 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.92 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
11.33 |
Risky |
Industrial Average |
1.52 |
|
Times Interest Earned |
5.16 |
Impressive |
Industrial Average |
(0.13) |
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 5.17 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 0.92 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 |
10.00 |
Impressive |
Industrial Average |
7.78 |
|
Total Assets Turnover |
0.46 |
Deteriorated |
Industrial Average |
1.27 |
|
Inventory Conversion Period |
776.91 |
|
|
|
|
Inventory Turnover |
0.47 |
Deteriorated |
Industrial Average |
1.91 |
|
Receivables Conversion Period |
49.80 |
|
|
|
|
Receivables Turnover |
7.33 |
Impressive |
Industrial Average |
2.78 |
|
Payables Conversion Period |
560.33 |
|
|
|
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.44.38 |
|
|
1 |
Rs.73.88 |
|
Euro |
1 |
Rs.65.83 |
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.