MIRA INFORM REPORT
|
Report Date : |
19.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
MILI
STAR CO., LTD |
|
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|
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Registered Office : |
29th Floor, Jewelry Trade Center Building, 919/366 Silom Road, Silom, 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 : |
19.10.1990 |
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|
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Com. Reg. No.: |
0105533125751 |
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|
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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
|
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 – 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
MILI STAR CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 29th FLOOR,
JEWELRY TRADE CENTER
BUILDING,
919/366 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2630-0138-9
FAX :
[66] 2630-0137
E-MAIL
ADDRESS : milistar@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1990
REGISTRATION
NO. : 0105533125751
CAPITAL REGISTERED : BHT. 13,000,000
CAPITAL PAID-UP : BHT.
13,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. DESAI MAHGUDRA
KUMAR CHHAGAN
BHBI, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 8
LINES
OF BUSINESS : DIAMONDS AND
JEWELRY PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on October 19,
1990 as a
private limited company under
the name style
MILI STAR CO., LTD., by
Thai and Indian
groups, with the objective
to engage in
diamonds and jewelry
trading business. It
currently employs 8
staff.
The
subject’s registered address
is 29th Flr., Jewelry
Trade Center Bldg.,
919/366 Silom Rd.,
Silom, Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Desai Mahgudra Kumar
Chhagan Bhbi |
|
Indian |
32 |
|
Mr. Sohil Mansukhbhai Dhanani |
|
Indian |
21 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Desai Mahgudra Kumar
Chhagan Bhbi 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 various
kinds of diamonds,
gemstones and jewelry
products, as well
as exporting of
cutting diamonds and Thai
jewelry products.
PURCHASE
The products are purchased
from suppliers both
domestic and overseas,
mainly in India, Hong
Kong, Australia and
Africa.
MAJOR SUPPLIER
Laxmi
Diamond Pvt. Ltd. : India
SALES
The products are
sold to customers
both local and
overseas in Europe,
Hong Kong, Singapore, Japan and
U.S.A.
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.
Exports are against
L/C or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 8
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$
300,000
COMMENT
The
subject’s operating performance
is considered moderate
with improving of
sale revenue in
2009 comparing to
the previous year.
Demand and consumption
in domestic market
also have impressive
outlook. Subject’s business
is also has a
bright prospect.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000 shares
of Bht. 100
each.
The
capital was increased
later as following:
Bht. 4,000,000
on September 20,
1993
Bht. 6,000,000
on March 27,
1996
Bht. 8,000,000
on January 11,
2001
Bht. 13,000,000
on September 1, 2004
The
latest registered capital
was increased to Bht. 13,000,000 divided
into 130,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
Mr. Desai Mahgudra Kumar
Chhagan Bhbi
Nationality: Indian Address : India |
21,500 |
16.54 |
|
Mr. Virendra Barati Bhbi
Katiya Nationality: Indian Address : 919/366
Silom Rd., Silom,
Bangrak, Bangkok |
21,100 |
16.23 |
|
Mr. Sohil Mansukhbhai Dhanani Nationality: Indian Address : 919/366
Silom Rd., Silom,
Bangrak, Bangkok |
21,100 |
16.23 |
|
Mr. Taweesak Bintorleb Nationality: Thai Address : 13/1
Moo 9, Monthong,
Bangnampriew,
Chachoengsao |
16,575 |
12.75 |
|
Mrs. Suree Tuanjeen Nationality: Thai Address : 33
Moo 2, Klongsan,
Bangbor,
Samutprakarn |
16,575 |
12.75 |
|
Mrs. Kamaria Masyoh Nationality: Thai Address : 61/5
Singtothong, Bangnampriew,
Chachoengsao |
16,575 |
12.75 |
|
Ms. Zorba Boonmalert Nationality: Thai Address : 45
Yothaka, Bangnampriew, Chachoengsao |
16,575 |
12.75 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Ratthapoom Nantapalawee No.
5789
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in Hand
& at Bank |
474,271.19 |
157,947.58 |
|
Trade Accounts Receivable |
45,106,950.10 |
36,849,401.70 |
|
Short-term Loan to
Related Company |
300,000.00 |
- |
|
Inventories |
90,566,116.19 |
95,371,940.45 |
|
Other Current Assets
|
319,545.17 |
501,883.58 |
|
|
|
|
|
Total Current Assets
|
136,766,882.65 |
132,881,173.31 |
|
Fixed Assets |
4,836,953.35 |
5,132,210.09 |
|
Total Assets |
141,603,836.00 |
138,013,383.40 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Accounts Payable |
116,971,727.82 |
117,510,577.71 |
|
Other Current Liabilities |
443,657.64 |
155,032.80 |
|
|
|
|
|
Total Current Liabilities |
117,415,385.46 |
117,665,610.51 |
|
Total Liabilities |
117,415,385.46 |
117,665,610.51 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 130,000 shares |
13,000,000.00 |
13,000,000.00 |
|
|
|
|
|
Capital Paid |
13,000,000.00 |
13,000,000.00 |
|
Retained Earning -
Unappropriated |
11,188,450.54 |
7,347,772.89 |
|
Total Shareholders' Equity |
24,188,450.54 |
20,347,772.89 |
|
Total Liabilities & Shareholders' Equity |
141,603,836.00 |
138,013,383.40 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales |
118,794,353.23 |
91,752,532.42 |
|
Gain on Exchange
Rate |
6,250,630.33 |
- |
|
Other Income |
24,114.07 |
24,063.16 |
|
Total Revenues |
125,069,097.63 |
91,776,595.58 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
114,882,013.94 |
84,417,993.37 |
|
Selling Expenses |
522,498.50 |
477,284.13 |
|
Administrative Expenses |
5,347,300.49 |
5,966,434.47 |
|
Loss on Exchange
Rate |
- |
3,733,971.29 |
|
Total Expenses |
120,751,812.93 |
94,595,683.26 |
|
|
|
|
|
Profit / [Loss] before
Income Tax |
4,317,284.70 |
[2,819,087.68] |
|
Income Tax |
[476,607.05] |
- |
|
|
|
|
|
Net Profit / [Loss] |
3,840,677.65 |
[2,819,087.68] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.16 |
1.13 |
|
QUICK RATIO |
TIMES |
0.39 |
0.31 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
24.56 |
17.88 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.84 |
0.66 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
287.74 |
412.36 |
|
INVENTORY TURNOVER |
TIMES |
1.27 |
0.89 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
138.59 |
146.59 |
|
RECEIVABLES TURNOVER |
TIMES |
2.63 |
2.49 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
371.64 |
508.08 |
|
CASH CONVERSION CYCLE |
DAYS |
54.70 |
50.87 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
96.71 |
92.01 |
|
SELLING & ADMINISTRATION |
% |
4.94 |
7.02 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
8.58 |
8.02 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.63 |
(3.07) |
|
NET PROFIT MARGIN |
% |
3.23 |
(3.07) |
|
RETURN ON EQUITY |
% |
15.88 |
(13.85) |
|
RETURN ON ASSET |
% |
2.71 |
(2.04) |
|
EARNING PER SHARE |
BAHT |
29.54 |
(21.69) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.83 |
0.85 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.85 |
5.78 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
29.47 |
|
|
OPERATING PROFIT |
% |
(253.14) |
|
|
NET PROFIT |
% |
236.24 |
|
|
FIXED ASSETS |
% |
(5.75) |
|
|
TOTAL ASSETS |
% |
2.60 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
8.58 |
Satisfactory |
Industrial Average |
10.62 |
|
Net Profit Margin |
3.23 |
Impressive |
Industrial Average |
(0.91) |
|
Return on Assets |
2.71 |
Impressive |
Industrial Average |
(1.16) |
|
Return on Equity |
15.88 |
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 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 8.58%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company was originated from 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 3.23%
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 2.71%,
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
15.88%, 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 |
0.39 |
|
|
|
|
Cash Conversion Cycle |
54.70 |
|
|
|
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 1.13 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 0.39 times in 2009,
increase from 0.31 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 55 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 |
4.85 |
Risky |
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 0.83 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 |
24.56 |
Impressive |
Industrial Average |
7.78 |
|
Total Assets Turnover |
0.84 |
Acceptable |
Industrial Average |
1.27 |
|
Inventory Conversion Period |
287.74 |
|
|
|
|
Inventory Turnover |
1.27 |
Acceptable |
Industrial Average |
1.91 |
|
Receivables Conversion Period |
138.59 |
|
|
|
|
Receivables Turnover |
2.63 |
Satisfactory |
Industrial Average |
2.78 |
|
Payables Conversion Period |
371.64 |
|
|
|
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.45.08 |
|
UK Pound |
1 |
Rs.73.45 |
|
Euro |
1 |
Rs.64.30 |
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.