MIRA INFORM
REPORT
|
Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
ZAVER
DIAM CO., LTD. |
|
|
|
|
Registered Office : |
Room C, 22nd Floor, Bangkok Gems & Jewellery
Building, 322/54 Surawong
Road, Siphya, Bangrak, Bangkok
10500, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
30.07.2008 |
|
|
|
|
Com. Reg. No.: |
0105551083852 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
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 |
|
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 |
Company name
ZAVER DIAM CO., LTD.
SUMMARY
BUSINESS
ADDRESS : ROOM
C, 22nd FLOOR, BANGKOK GEMS & JEWELLERY
BUILDING, 322/54
SURAWONG ROAD, SIPHYA,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2631-8990-2
FAX :
[66] 2631-8992
E-MAIL
ADDRESS : zaverdiam@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0105551083852
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. NILESH SAMBHUBHAI
ITALIYA, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : DIAMONDS
IMPORTER AND
DISTRIBUTOR
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 July
30, 2008 as a
private limited company under
the registered name
style ZAVER DIAM
CO., LTD. by
Thai and Indian
groups. Its business
objective is to
import and distribute
diamonds to domestic
market. It currently
employs 3 staff.
The subject’s registered
address was initially
located at 17th Flr.,
I.T.F. Silom Place
Bldg., 160/324 Silom
Rd., Suriyawiongse, Bangrak,
Bangkok 10500.
In 2010, the subject’s registered
address was relocated
to 322/54 Bangkok Gems & Jewellery Bldg.,
Surawong Rd., Siphya,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prakash Sambhubhai Italia |
|
Indian |
33 |
|
Mr. Nilesh Sambhubhai Italiya |
|
Indian |
36 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Nilesh Sambhubhai Italiya
is the Managing
Director.
He is Indian
nationality with the
age of 36
years old.
BUSINESS OPERATIONS
The subject is engaged in
importing and distributing of
fine diamonds for
jewelry trading and
manufacturing industry.
IMPORT
100%
of the products
is imported from
India.
SALES
100% of the
products is sold
locally by wholesale
to traders, manufacturers
and end-users.
RELATED AND
AFFILIATED COMPANY
Manee Diam Co.,
Ltd.
Business Type :
Importer and distributor
of diamonds and
gemstones.
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 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 US$
20,000.
COMMENT
Subject
is an importer and distributor of diamond and
gemstones. Its business
in the first
two years was
sluggish due to the
weakness of overall jewelry
market and consumer
sector. However, its business
gradually improved in
2010, but was still lower than expectation.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000 divided into 40,000 shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 21, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nilesh Sambhubhai Italiya Nationality: Indian Address : 322/54
Surawong Rd., Siphya,
Bangrak, Bangkok |
9,000 |
22.50 |
|
Mr. Prakash Sambhubhai Italia Nationality: Indian Address : 38/26
Sathorn Rd., Thungmahamek,
Sathorn, Bangkok |
9,000 |
22.50 |
|
Ms. Boonruan Narkjai Nationality: Thai Address : 443
Moo 8, Laemrang,
Buengnarang, Pichit |
4,400 |
11.00 |
|
Mrs. Chalao Sumalu Nationality: Thai Address : 148/1
Moo 8, Laemrang,
Buengnarang, Pichit |
4,400 |
11.00 |
|
Ms. Anyarat Mingmool Nationality: Thai Address : 27
Moo 7, T. Muangyai, A. Phosai,
Ubon Ratchathani |
4,400 |
11.00 |
|
Mr. Udom Srinonemuang Nationality: Thai Address : 71
Moo 3, Huayhinlad,
Suwannaphum, Roi-ed |
4,400 |
11.00 |
|
Mr. Krairas Seekavee Nationality: Thai Address : 56/1
Moo 6, Huaykayung, Varinchamrab, Ubon Ratchathani |
4,400 |
11.00 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vuthaichai Kraiarnont No.
7573
bALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 & 2008
were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalent |
42,480.00 |
15,400.00 |
|
Short-term Loan from Person Related |
2,150,000.00 |
3,900,000.00 |
|
Inventories |
512,535.15 |
- |
|
Other Current Assets |
97,000.00 |
32,500.00 |
|
|
|
|
|
Total Current Assets
|
2,802,015.15 |
3,947,900.00 |
|
Total Assets |
2,802,015.15 |
3,947,900.00 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Other Current Liabilities |
16,520.00 |
9,400.00 |
|
|
|
|
|
Total Current Liabilities |
16,520.00 |
9,400.00 |
|
Total Liabilities |
16,520.00 |
9,400.00 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning-
Unappropriated |
[1,214,504.85] |
[61,500.00] |
|
Total Shareholders' Equity |
2,785,495.15 |
3,938,500.00 |
|
Total Liabilities & Shareholders' Equity |
2,802,015.15 |
3,947,900.00 |
PROFIT & LOSS ACCOUNT
|
Sale |
2009 |
July 30,
2008 – Dec. 31,
2008 |
|
|
|
|
|
Sales Income |
235,334.61 |
- |
|
Other Income |
64,500.00 |
32,500.00 |
|
Total Sales |
299,834.61 |
32,500.00 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
230,288.15 |
- |
|
Administrative Expenses |
1,222,551.31 |
94,000.00 |
|
Total Expenses |
1,452,839.46 |
94,000.00 |
|
|
|
|
|
Net Profit / [Loss] |
[1,153,004.85] |
[61,500.00] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
169.61 |
419.99 |
|
QUICK RATIO |
TIMES |
132.72 |
416.53 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.08 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
812.35 |
- |
|
INVENTORY TURNOVER |
TIMES |
0.45 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
812.35 |
- |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
97.86 |
- |
|
SELLING & ADMINISTRATION |
% |
519.49 |
- |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
29.55 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(489.94) |
- |
|
NET PROFIT MARGIN |
% |
(489.94) |
- |
|
RETURN ON EQUITY |
% |
(41.39) |
(1.56) |
|
RETURN ON ASSET |
% |
(41.15) |
(1.56) |
|
EARNING PER SHARE |
BAHT |
(28.83) |
(1.54) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.01 |
0.00 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.01 |
0.00 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
|
|
OPERATING PROFIT |
% |
1,774.80 |
|
|
NET PROFIT |
% |
(1,774.80) |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
(29.03) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
29.55 |
Impressive |
Industrial Average |
10.62 |
|
Net Profit Margin |
(489.94) |
Deteriorated |
Industrial Average |
(0.91) |
|
Return on Assets |
(41.15) |
Deteriorated |
Industrial Average |
(1.16) |
|
Return on Equity |
(41.39) |
Deteriorated |
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 29.55%. 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 -489.94%.
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, its was lower, the company's figure is -41.15%.
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, its was lower, the company's figure is -41.39%.
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 |
169.61 |
Impressive |
Industrial Average |
1.85 |
|
Quick Ratio |
132.72 |
|
|
|
|
Cash Conversion Cycle |
812.35 |
|
|
|
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 169.61 times in 2009, decrease from 419.99 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 132.72 times in 2009,
decrease from 416.53 times, although excluding inventory so the company still
have good short-term financial strength.
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 813 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.01 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
0.01 |
Impressive |
Industrial Average |
1.52 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.01 less than 0.5, most of the company's
assets are financed through equity.
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 |
- |
|
Industrial Average |
7.78 |
|
Total Assets Turnover |
0.08 |
Deteriorated |
Industrial Average |
1.27 |
|
Inventory Conversion Period |
812.35 |
|
|
|
|
Inventory Turnover |
0.45 |
Deteriorated |
Industrial Average |
1.91 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
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.