MIRA INFORM REPORT
|
Report Date : |
05.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
K.I.K.
[BANGKOK] CO., LTD. |
|
|
|
|
Registered Office : |
28th Floor, Itf-Silom Palace Building, 160/693 Silom Road, Suriyawongse, Bangrak,
Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
19.04.2004 |
|
|
|
|
Com. Reg. No.: |
0105547053596 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and distributor
of diamonds and precious
stones |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
K.I.K. [BANGKOK]
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 28th FLOOR,
ITF-SILOM PALACE BUILDING,
160/693 SILOM
ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500
TELEPHONE : [66] 2236-7363,
081 402-6382
FAX :
[66] 2236-7363
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547053596
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. NIKHIL KANAI
YALAL SHAH, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : DIAMONDS AND
PRECIOUS STONES
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 April 19, 2004
as a private
limited company under
the name style
K.I.K. [BANGKOK] CO.,
LTD., by Thai
and Indian groups,
in order to
import and distribute diamonds and
precious stones to domestic market. It
currently employs 3
staff.
The subject’s registered address was
initially located at 29th Floor,
ITF-Silom Palace Bldg.,
160/714 Silom Rd., Suriyawongse, Bangrak,
Bangkok 10500.
On
May 22, 2009,
its registered address
was relocated at 28th Floor,
ITF-Silom Palace Bldg., 160/693
Silom Rd., Suriyawongse, Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nikhil Kanai Yalal
Shah |
|
Indian |
29 |
|
Mrs. Payal Nikhil Shah |
|
Indian |
29 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Nikhil Kanai Yalal
Shah 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 of
diamonds and precious
stones.
IMPORT
90%
of the products
is imported from
India, Africa and
Belgium.
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
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.
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$
300,000.
COMMENT
Declined consumption of luxury goods
including jewelry products in
local market had
caused to slow sales of diamond and
precious stones. Economic
slowdown and uncertainty had
affected consumers’ spending because of depressive sentiment and
unconfident with the situations during
the past two
years.
Nevertheless, subject’s business was
improved in the
year 2010, while current
market situation is
fair.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each.
On
August 26, 2005,
the capital was
increased to Bht. 4,000,000
divided into 40,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Nongnit Puengsa-ard Nationality: Thai Address : 42
Onnuch Rd., Suanluang,
Bangkok |
10,200 |
25.50 |
|
Mr. Sompop Rattana Nationality: Thai Address : 223/273
Moo 2, Bangprieng,
Bangbor,
Samutprakarn |
10,200 |
25.50 |
|
Mr. Nikhil Kanai Yalal
Shah Nationality: Indian Address : 160/406 Silom
Rd., Suriyawongse, Bangrak, Bangkok |
10,000 |
25.00 |
|
Mr. Kanai Yalal Shah Nationality: Indian Address : 160/406 Silom Rd.,
Suriyawongse, Bangrak, Bangkok |
2,600 |
6.50 |
|
Mr. Mugesh K. Shah Nationality: Indian Address : 160/406 Silom Rd.,
Suriyawongse, Bangrak, Bangkok |
2,500 |
6.25 |
|
Mrs. Sarojben K. Shah Nationality: Indian Address : 160/406 Silom Rd.,
Suriyawongse, Bangrak, Bangkok |
2,500 |
6.25 |
|
Mr. Dharmesh Mahendra Gosalia Nationality: Indian Address : 160/406 Silom
Rd., Suriyawongse, Bangrak, Bangkok |
2,000 |
5.00 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO. :
Ms. Saowaluck Sethachartnand No.
8127
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 & 2009
were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
112,133.54 |
517,652.67 |
|
Trade Account Receivable |
21,655,178.56 |
27,293,445.46 |
|
Inventories |
13,343,919.56 |
14,940,505.43 |
|
Other Current Assets
|
4,280.00 |
115,572.20 |
|
Total Current Assets
|
35,115,511.66 |
42,867,175.76 |
|
Other Assets |
2,381.36 |
3,874.82 |
|
Total Assets |
35,117,893.02 |
42,871,050.58 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
20,775,131.69 |
29,939,039.71 |
|
Short-term Loan from Related Person |
5,900,000.00 |
6,700,000.00 |
|
Other Current Liabilities |
1,472,945.38 |
365,463.97 |
|
Total Current Liabilities |
28,148,077.07 |
37,004,503.67 |
|
Total Liabilities |
28,148,077.07 |
37,004,503.67 |
|
|
|
|
|
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 |
2,969,815.95 |
1,866,546.90 |
|
Total Shareholders' Equity |
6,969,815.95 |
5,866,546.90 |
|
Total Liabilities &
Shareholders' Equity |
35,117,893.02 |
42,871,050.58 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
46,073,445.35 |
42,315,482.74 |
|
Gain on Exchange Rate |
1,494,015.22 |
840,162.36 |
|
Other Income |
21,117.20 |
- |
|
Total Sales |
47,588,577.77 |
43,155,645.10 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
44,024,115.72 |
40,458,256.12 |
|
Selling Expenses |
680,000.00 |
370,002.00 |
|
Administrative Expenses |
1,573,144.16 |
1,071,721.41 |
|
Total Expenses |
46,277,259.88 |
41,899,979.53 |
|
Profit Before Financial Cost & Income
Tax |
1,311,317.89 |
1,255,665.57 |
|
Financial Cost |
[27.09] |
- |
|
Income Tax |
[208,021.75] |
[191,739.13] |
|
Net Profit / [Loss] |
1,103,269.05 |
1,063,926.44 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.25 |
1.16 |
|
QUICK RATIO |
TIMES |
0.77 |
0.75 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.31 |
0.99 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
110.63 |
134.79 |
|
INVENTORY TURNOVER |
TIMES |
3.30 |
2.71 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
171.56 |
235.42 |
|
RECEIVABLES TURNOVER |
TIMES |
2.13 |
1.55 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
172.24 |
270.10 |
|
CASH CONVERSION CYCLE |
DAYS |
109.94 |
100.11 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
95.55 |
95.61 |
|
SELLING & ADMINISTRATION |
% |
4.89 |
3.41 |
|
INTEREST |
% |
0.00 |
- |
|
GROSS PROFIT MARGIN |
% |
7.74 |
6.37 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.85 |
2.97 |
|
NET PROFIT MARGIN |
% |
2.39 |
2.51 |
|
RETURN ON EQUITY |
% |
15.83 |
18.14 |
|
RETURN ON ASSET |
% |
3.14 |
2.48 |
|
EARNING PER SHARE |
BAHT |
27.58 |
26.60 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.80 |
0.86 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.04 |
6.31 |
|
TIME INTEREST EARNED |
TIMES |
48,405.98 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
8.88 |
|
|
OPERATING PROFIT |
% |
4.43 |
|
|
NET PROFIT |
% |
3.70 |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
(18.08) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
7.74 |
Deteriorated |
Industrial Average |
26.57 |
|
Net Profit Margin |
2.39 |
Impressive |
Industrial Average |
(37.90) |
|
Return on Assets |
3.14 |
Impressive |
Industrial Average |
(6.13) |
|
Return on Equity |
15.83 |
Impressive |
Industrial Average |
(6.26) |
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 7.74%. 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. Net Profit Margin ratio is 2.39%
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 ratio is 3.14%,
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 ratio
is 15.83%, 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 |
1.25 |
Deteriorated |
Industrial
Average |
60.43 |
|
Quick Ratio |
0.77 |
|
|
|
|
Cash Conversion Cycle |
109.94 |
|
|
|
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 1.25 times in 2010, increase from 1.16 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 0.77 times in 2010,
increase from 0.75 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 110 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.80 |
Impressive |
Industrial
Average |
0.86 |
|
Debt to Equity Ratio |
4.04 |
Risky |
Industrial
Average |
1.54 |
|
Times Interest Earned |
48,405.98 |
Impressive |
Industrial
Average |
105.90 |
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 a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 48405.98 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial
Average |
75,551.94 |
|
Total Assets Turnover |
1.31 |
Satisfactory |
Industrial
Average |
1.47 |
|
Inventory Conversion Period |
110.63 |
|
|
|
|
Inventory Turnover |
3.30 |
Acceptable |
Industrial
Average |
5.98 |
|
Receivables Conversion Period |
171.56 |
|
|
|
|
Receivables Turnover |
2.13 |
Deteriorated |
Industrial
Average |
12.83 |
|
Payables Conversion Period |
172.24 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.23 |
|
UK Pound |
1 |
Rs.76.07 |
|
Euro |
1 |
Rs.65.06 |
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.