MIRA INFORM REPORT
|
Report Date : |
19.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRIYAANK
INTERNATIONAL COMPANY LIMITED |
|
|
|
|
Registered Office : |
13th
Floor, Bangkok Gems & Jewelry Tower, 322/23 Surawong
Road, Siphraya, Bangrak, Bangkok
10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
09.04.1990 |
|
|
|
|
Com. Reg. No.: |
0105533040934 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor and
Exporter of diamond, gems 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) |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
PRIYAANK INTERNATIONAL COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 13th FLOOR,
BANGKOK GEMS & JEWELRY TOWER,
322/23 SURAWONG
ROAD, SIPHRAYA,
BANGRAK, BANGKOK
10500
TELEPHONE : [66] 2238-3880-3
FAX :
[66] 2238-3884
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1990
REGISTRATION
NO. : 0105533040934
CAPITAL REGISTERED : BHT. 20,500,000
CAPITAL PAID-UP : BHT.
20,500,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRADEEP RAGHUNATH
LODHA, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 9
LINES
OF BUSINESS : DIAMOND, GEMS
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 FAIR PERFORMANCE
HISTORY
The
subject was established
on April 9, 1990
as a private
limited company under
the name style
PRIYAANK INTERNATIONAL COMPANY
LIMITED, by Thai
and Indian groups,
with the business objective to
operate as a jewelry
trading. It currently
employs approximate 9
staff.
The
subject’s registered address
is 322/23 Bangkok
Gems & Jewelry
Tower, Surawong Rd.,
Siphraya, Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pradeep Raghunath Lodha |
|
Indian |
47 |
|
Ms. Nirmala Sacheti |
|
Indian |
66 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pradeep Raghunath Lodha
is the Managing
Director.
He is Indian
nationality with the
age of 47
years old.
BUSINESS OPERATIONS
The subject is
engaged in international
trading business as
the followings:
- Import and
distribute of diamonds
and gemstone.
- Export of Thai
cutting diamonds, gemstone
and jewelry products.
PURCHASE
The products are purchased from suppliers and manufacturers both domestic and
overseas, mainly in
India, Hong Kong,
Belgium and South
Africa.
SALES [LOCAL]
The products are
sold locally to
manufacturers, traders and
end-users.
EXPORT
Some of the
products are exported to Hong Kong,
Japan, U.S.A. and countries in
Europe.
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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 9
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
Subject
reported good business performance in the
past years. With strong
demand of the
products both domestic
and overseas has challenged the
company of its
proficient performance and quality service.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each.
The
capital was increased
later as following:
Bht. 2,000,000
on September 26,
1990
Bht. 6,000,000
on February 4,
1994
Bht. 15,000,000
on January 18,
1995
Bht. 20,000,000
on December 25,
2002
The
latest registered capital
was increased to
Bht. 20,500,000 divided into 205,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Anupa Naruela Nationality: Thai Address : 32/31-32
Sukhumvit 26 Rd.,
Klongton,
Klongtoey, Bangkok |
101,547 |
49.53 |
|
Mr. Pradeep Raghunath Lodha Nationality: Indian Address : 322/23
Surawong Rd., Siphraya,
Bangrak, Bangkok |
59,999 |
29.27 |
|
Ms. Niramala Sacheti Nationality: Indian Address : 322/23
Surawong Rd., Siphraya,
Bangrak, Bangkok |
26,950 |
13.15 |
|
Mrs. Sukesee Lodha Nationality: Indian Address : 1867/86 Charoennakorn Rd.,
Banglampulang, Klongsan, Bangkok |
13,500 |
6.58 |
|
Mr. Nikorn Kijvanich Nationality: Thai Address : 69-71
Rama 4 Rd.,
Pomprab, Bangkok |
3,000 |
1.46 |
|
Ms. Araya Thirachawalit Nationality: Thai Address : 510
Charansanitwong 66/1 Rd.,
Bangplad, Bangkok |
3 |
0.01 |
|
Ms. Mahee Loda Nationality: Thai Address : 1867/86
Charoennakorn Rd.,
Banglampulang, Klongsan, Bangkok |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Nongnuch Ouitrakul No. 2241
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in Hand
& at Bank |
281,199.62 |
547,031.59 |
|
Trade Accounts Receivable |
57,914,918.87 |
61,014,633.55 |
|
Inventories |
74,542,310.46 |
53,523,754.08 |
|
Other Current Assets
|
80,479.40 |
89,926.85 |
|
|
|
|
|
Total Current Assets
|
132,818,908.35 |
115,175,346.07 |
|
Cash at Bank pledged
as a Collateral
|
55,893.70 |
54,151.38 |
|
Fixed Assets |
191,447.94 |
382,466.10 |
|
Other Assets |
34,057.09 |
44,305.90 |
|
Total Assets |
133,100,307.08 |
115,656,269.45 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
74,023,927.40 |
65,679,366.23 |
|
Trade Accounts Payable |
26,600,920.92 |
19,100,758.00 |
|
Other Current Liabilities |
1,975,128.47 |
1,745,821.53 |
|
|
|
|
|
Total Current Liabilities |
102,599,976.79 |
86,525,945.76 |
|
Total Liabilities |
102,599,976.79 |
86,525,945.76 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 205,000 shares |
20,500,000.00 |
20,500,000.00 |
|
|
|
|
|
Capital Paid |
20,500,000.00 |
20,500,000.00 |
|
Retained Earning -
Unappropriated |
10,000,330.29 |
8,630,323.69 |
|
Total Shareholders' Equity |
30,500,330.29 |
29,130,323.69 |
|
Total Liabilities & Shareholders' Equity |
133,100,307.08 |
115,656,269.45 |
PROFIT & LOSS ACCOUNT
|
Sale |
2009 |
2008 |
|
|
|
|
|
Sales |
129,612,593.69 |
126,320,828.02 |
|
Other Income |
227,996.15 |
139,969.20 |
|
Total Sales |
129,840,589.84 |
126,460,797.22 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
119,329,736.89 |
115,767,941.73 |
|
Selling Expenses |
711,221.82 |
661,521.44 |
|
Administrative Expenses |
4,508,849.58 |
4,870,001.85 |
|
Loss on Exchange Rate |
458,700.62 |
1,703,820.62 |
|
Other Expenses |
88,297.35 |
- |
|
Total Expenses |
125,096,806.26 |
123,003,285.64 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
4,743,783.58 |
3,457,511.58 |
|
Interest Expenses |
[2,642,029.74] |
[2,203,229.75] |
|
Income Tax |
[731,747.24] |
[519,157.76] |
|
|
|
|
|
Net Profit / [Loss] |
1,370,006.60 |
735,124.07 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.29 |
1.33 |
|
QUICK RATIO |
TIMES |
0.57 |
0.71 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
677.01 |
330.28 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.97 |
1.09 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
228.01 |
168.75 |
|
INVENTORY TURNOVER |
TIMES |
1.60 |
2.16 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
163.09 |
176.30 |
|
RECEIVABLES TURNOVER |
TIMES |
2.24 |
2.07 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
81.37 |
60.22 |
|
CASH CONVERSION CYCLE |
DAYS |
309.73 |
284.83 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
92.07 |
91.65 |
|
SELLING & ADMINISTRATION |
% |
4.03 |
4.38 |
|
INTEREST |
% |
2.04 |
1.74 |
|
GROSS PROFIT MARGIN |
% |
8.11 |
8.46 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.66 |
2.74 |
|
NET PROFIT MARGIN |
% |
1.06 |
0.58 |
|
RETURN ON EQUITY |
% |
4.49 |
2.52 |
|
RETURN ON ASSET |
% |
1.03 |
0.64 |
|
EARNING PER SHARE |
BAHT |
6.68 |
3.59 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.75 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.36 |
2.97 |
|
TIME INTEREST EARNED |
TIMES |
1.80 |
1.57 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
2.61 |
|
|
OPERATING PROFIT |
% |
37.20 |
|
|
NET PROFIT |
% |
86.36 |
|
|
FIXED ASSETS |
% |
(49.94) |
|
|
TOTAL ASSETS |
% |
15.08 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
8.11 |
Satisfactory |
Industrial Average |
10.62 |
|
Net Profit Margin |
1.06 |
Impressive |
Industrial Average |
(0.91) |
|
Return on Assets |
1.03 |
Impressive |
Industrial Average |
(1.16) |
|
Return on Equity |
4.49 |
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 8.11%. 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 1.06%
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 1.03%,
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
4.49%, 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 |
1.29 |
Acceptable |
Industrial Average |
1.85 |
|
Quick Ratio |
0.57 |
|
|
|
|
Cash Conversion Cycle |
309.73 |
|
|
|
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 1.29 times in 2009, decrease from 1.33 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 0.57 times in 2009,
decrease from 0.71 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 310 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.77 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
3.36 |
Risky |
Industrial Average |
1.52 |
|
Times Interest Earned |
1.80 |
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 1.8 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 0.77 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 |
677.01 |
Impressive |
Industrial Average |
7.78 |
|
Total Assets Turnover |
0.97 |
Satisfactory |
Industrial Average |
1.27 |
|
Inventory Conversion Period |
228.01 |
|
|
|
|
Inventory Turnover |
1.60 |
Satisfactory |
Industrial Average |
1.91 |
|
Receivables Conversion Period |
163.09 |
|
|
|
|
Receivables Turnover |
2.24 |
Satisfactory |
Industrial Average |
2.78 |
|
Payables Conversion Period |
81.37 |
|
|
|
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.