MIRA INFORM REPORT
|
Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRISM
DIAMOND CO., LTD. |
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Formerly Known As : |
CRAZY COLOURS DIAMOND CO., LTD. |
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Registered Office : |
Rm. 3907, 39th Floor,
Jewelry Trade Center Building, 919/467
Silom Road, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
19.02.2004 |
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Com. Reg. No.: |
0105547024804 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer
and distributor of diamonds |
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 |
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Payment
Behaviour : |
Unknown |
|
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
PRISM DIAMOND
CO., LTD.
[FORMER : CRAZY
COLOURS DIAMOND CO.,
LTD.]
SUMMARY
BUSINESS
ADDRESS : RM.
3907, 39th FLOOR,
JEWELRY TRADE CENTER
BUILDING, 919/467
SILOM ROAD, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2630-1800
FAX
: [66] 2630-1799
E-MAIL
ADDRESS : prismdiathai@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547024804
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. DIGNESH KUMAR
KANTIBHAI JIVANI, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : DIAMONDS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on February 19, 2004
as a private
limited company under the
originally registered name “Crazy Colours
Diamond Co., Ltd.”
by Thai and
Indian groups. On June
7, 2005, its
name was changed to
PRISM DIAMOND CO.,
LTD. Its business
objective is to
import and distribute
various kinds of
diamonds to domestic
market. It currently
employs 5 staff.
The subject’s registered
address is 919/467 Silom
Rd., Silom, Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Samir Tribhovandas Rupani |
|
Indian |
28 |
|
Mr. Dignesh Kumar Kantibhai
Jivani |
|
Indian |
29 |
|
Mr. Jayesh Patel |
|
Indian |
26 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Dignesh Kumar Kantibhai
Jivani is the
Managing Director.
He is Indian
nationality with the
age of 29
years old.
BUSINESS OPERATIONS
The subject is engaged in importing and distributing various kinds of diamonds, such as white and color diamond for jewelry production.
IMPORT
100%
of the products
is imported from
India.
MAJOR SUPPLIER
Prism
International Co., Ltd.
SALES
100% of the
products is sold
locally by wholesale
to traders and
manufacturers.
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.
Imports are by
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 5
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$
200,000.
COMMENT
Since
market improvement in beginning of
2010 has resulted to
rising demand of diamonds. However,
subject’s sales were
slower than in the past
three to four
years. Brisk market
is also increased
demand of diamond
this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000 divided into 40,000
shares of Bht. 100 each.
On
March 8, 2006,
the capital was
increased to Bht. 8,000,000 divided into
80,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at June
18, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Samir Tribhovandas Rupani Nationality: Indian Address : 919/467
Silom Rd., Silom,
Bangrak, Bangkok |
15,200 |
19.00 |
|
Mr. Dignesh Kumar Kantibhai
Jivani Nationality: Indian Address : 919/467
Silom Rd., Silom,
Bangrak, Bangkok |
12,000 |
15.00 |
|
Mr. Jayesh Patel Nationality: Indian Address : 919/467
Silom Rd., Silom,
Bangrak, Bangkok |
12,000 |
15.00 |
|
Ms. Chamriang Narkjai Nationality: Thai Address : 443
Moo 8, Laemrakking, Narang,
Pichit |
10,200 |
12.75 |
|
Mr. Suphap Chansri Nationality: Thai Address : 41
Moo 1 4, Nongjaeng, Buengsamphan, Petchabun |
10,200 |
12.75 |
|
Mr. Charnnarong Poolsuk Nationality: Thai Address : 9
Moo 6, Saensuk,
Varinchamrab,
Ubonratchathani |
10,200 |
12.75 |
|
Ms. Bang-orn Phanlikam Nationality: Thai Address : 48
Moo 7, Wiangsa-ard, Payakaphum,
Mahasarakham |
10,200 |
12.75 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Rathaphum Nanthoptawee No. 5789
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalent |
246,623.10 |
1,817,284.21 |
|
Trade Accts. Receivable
|
12,567,593.17 |
8,989,248.30 |
|
Inventories |
23,216,259.21 |
30,197,765.99 |
|
Other Current Assets
|
188,487.13 |
124,616.02 |
|
Total Current Assets
|
36,218,962.61 |
41,128,914.52 |
|
|
|
|
|
Fixed Assets |
2,903,630.23 |
3,149,483.91 |
|
Total Assets |
39,122,592.84 |
44,278,398.43 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Accts. Payable-Related
Company |
19,815,522.94 |
33,715,059.53 |
|
Short Term Loan from
Related Person |
10,955,040.00 |
3,200,000.00 |
|
Accrued Income Tax |
277,429.91 |
247,842.28 |
|
Other Current Liabilities |
249,555.22 |
203,823.41 |
|
Total Current Liabilities |
31,297,548.07 |
37,366,725.22 |
|
Total Liabilities |
31,297,548.07 |
37,366,725.22 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
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 |
[174,955.23] |
[1,088,326.79] |
|
Total Shareholders' Equity |
7,825,044.77 |
6,911,673.21 |
|
Total Liabilities &
Shareholders' Equity |
39,122,592.84 |
44,278,398.43 |
PROFIT & LOSS ACCOUNT
|
Sale |
2009 |
2008 |
|
|
|
|
|
Sales Income |
45,052,174.68 |
31,320,903.01 |
|
Other Income |
1,699,008.99 |
3,539.05 |
|
Total Sales |
46,751,183.67 |
31,324,442.06 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
41,665,884.76 |
24,308,337.91 |
|
Selling Expenses |
614,817.06 |
1,003,783.38 |
|
Administrative Expenses |
3,087,678.68 |
5,506,744.26 |
|
Total Expenses |
45,368,380.50 |
30,818,865.55 |
|
Profit Before Financial Cost
& Income Tax |
1,382,803.17 |
505,576.51 |
|
Financial Cost |
[52,001.70] |
[42,872.64] |
|
Profit Before Income Tax |
1,330,801.47 |
462,703.87 |
|
Income Tax |
[417,429.91] |
[360,342.28] |
|
Net Profit / [Loss] |
913,371.56 |
102,361.59 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.16 |
1.10 |
|
QUICK RATIO |
TIMES |
0.41 |
0.29 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
15.52 |
9.94 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.15 |
0.71 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
203.38 |
453.43 |
|
INVENTORY TURNOVER |
TIMES |
1.79 |
0.80 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
101.82 |
104.76 |
|
RECEIVABLES TURNOVER |
TIMES |
3.58 |
3.48 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
305.20 |
558.19 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
92.48 |
77.61 |
|
SELLING & ADMINISTRATION |
% |
8.22 |
20.79 |
|
INTEREST |
% |
0.12 |
0.14 |
|
GROSS PROFIT MARGIN |
% |
11.29 |
22.40 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.07 |
1.61 |
|
NET PROFIT MARGIN |
% |
2.03 |
0.33 |
|
RETURN ON EQUITY |
% |
11.67 |
1.48 |
|
RETURN ON ASSET |
% |
2.33 |
0.23 |
|
EARNING PER SHARE |
BAHT |
11.42 |
1.28 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.80 |
0.84 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.00 |
5.41 |
|
TIME INTEREST EARNED |
TIMES |
26.59 |
11.79 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
43.84 |
|
|
OPERATING PROFIT |
% |
173.51 |
|
|
NET PROFIT |
% |
792.30 |
|
|
FIXED ASSETS |
% |
(7.81) |
|
|
TOTAL ASSETS |
% |
(11.64) |
|
PROFITABILITY RATIO
|
Gross Profit
Margin |
11.29 |
Impressive |
Industrial
Average |
10.62 |
|
Net Profit Margin |
2.03 |
Impressive |
Industrial Average |
(0.91) |
|
Return on Assets |
2.33 |
Impressive |
Industrial Average |
(1.16) |
|
Return on Equity |
11.67 |
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 11.29%. 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 2.03%
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 2.33%, 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
11.67%, 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 |
1.16 |
Acceptable |
Industrial Average |
1.85 |
|
Quick Ratio |
0.41 |
|
|
|
|
Cash Conversion Cycle |
305.20 |
|
|
|
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 1.16 times in 2009, increase from 1.1 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 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 0.41 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 from payment terms from its
creditors. It meant the company could survive when no cash inflow was received
from sale for 306 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.80 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
4.00 |
Risky |
Industrial Average |
1.52 |
|
Times Interest Earned |
26.59 |
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 26.6 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 0.8 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 |
15.52 |
Impressive |
Industrial Average |
7.78 |
|
Total Assets Turnover |
1.15 |
Satisfactory |
Industrial Average |
1.27 |
|
Inventory Conversion Period |
203.38 |
|
|
|
|
Inventory Turnover |
1.79 |
Satisfactory |
Industrial Average |
1.91 |
|
Receivables Conversion Period |
101.82 |
|
|
|
|
Receivables Turnover |
3.58 |
Impressive |
Industrial Average |
2.78 |
|
Payables Conversion Period |
- |
|
|
|
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.44.34 |
|
UK Pound |
1 |
Rs.73.70 |
|
Euro |
1 |
Rs.65.75 |
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.