MIRA
INFORM REPORT
|
Report Date : |
20.10.2011 |
IDENTIFICATION DETAILS
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Name : |
JAYRAJ STAR CO., LTD. |
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Registered Office : |
Room 373, 29th Floor, Jewelry Trade Center, 919/373 Silom Road, Silom, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.03.2010 |
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Com. Reg. No.: |
0105553036959 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributor of Diamonds and Gemstones |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
JAYRAJ
STAR CO., LTD.
SUMMARY
BUSINESS
ADDRESS : ROOM
373, 29th FLOOR,
JEWELRY TRADE CENTER,
919/373 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2266-6106,
084 656-4216
FAX :
[66] 2266-6106
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0105553036959
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00 %
FOREIGN :
49.00 %
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JIGNESH KALUBHAI
BAGADIA, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 1
LINES
OF BUSINESS : DIAMONDS AND
GEMSTONES
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on March 15,
2010 as a
private limited company under
the registered name style JAYRAJ
STAR CO., by Thai and Indian groups.
Its business objective is to distribute
diamonds and gemstones
for jewelry trading
and manufacturing industry.
It currently employs
1 staff.
The
subject’s registered address
was initially located
at Room 18F,
12th Flr., Bangkok
Gems & Jewellery Tower, 322/18 Surawong Rd.,
Suriyawongse, Bangrak, Bangkok
10500.
On August 4, 2011, its registered address was relocated to Room
373, 29th Flr., Jewelry
Trade Center, 919/373 Silom, Silom, Bangrak, Bangkok 10500, and
this is the
subject’s current operation address.
THE BOARD
OF DIRECTOR
Mr. Jignesh Kalubhai Bagadia
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Jignesh Kalubhai Bagadia
is the Managing
Director.
He is Indian
nationality with the
age of 29
years old.
BUSINESS OPERATIONS
The subject is engaged
in distributing various kinds of
diamonds and gemstones for jewelry trading
and manufacturing industry.
PURCHASE
100%
of the products
is purchased from
local suppliers.
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers, and end-users.
SUBSIDIARY AND
AFFILIATED COMPANIES
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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 1 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 USD 40,000.
COMMENT
Subject
is in early
stage of operation. Its
first year operating
performance was slow.
However, the subject
has increased its
capital lately which
would assist on the
subject’s financial liquidity.
Generally, the subject is
still doing moderately.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100 each
with fully paid.
On
August 11, 2011,
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 August 9,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Jignesh Kalubhai
Bagadia Nationality: Indian Address : 322/18
Surawong Rd., Siphya,
Bangrak, Bangkok |
19,600 |
49.00 |
|
Mr. Anusorn Sornkeaw Nationality: Thai Address : 5
Serithai Rd., Kannayao,
Bangkok |
7,000 |
17.50 |
|
Ms. Wongchan Kalam Nationality: Thai Address : 143/41
Moo 5, Praeksa,
Muang,
Samutprakarn |
7,000 |
17.50 |
|
Mr. Sompop Rattana Nationality: Thai Address : 225/273
Moo 2, Bangprieng,
Bangbor, Samutprakarn |
6,400 |
16.00 |
Total Shareholders : 4
Share Structure [as
at August 9,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
20,400 |
51.00% |
|
Foreign |
1 |
19,600 |
49.00% |
|
Total |
4 |
40,000 |
100.00% |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Wasana Tanmongkol
No. 1888
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 was :
ASSETS
|
Current Assets |
2010 |
|
|
|
|
Cash and Cash Equivalent |
8,131.39 |
|
Trade Accounts Receivable |
2,746,732.47 |
|
Inventories |
2,266,972.08 |
|
Other Current Assets |
1,053,699.44 |
|
|
|
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Total Current Assets
|
6,075,535.38 |
|
|
|
|
Fixed Assets |
31,947.54 |
|
Total Assets |
6,107,482.92 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2010 |
|
|
|
|
Trade Accounts Payable |
4,332,401.29 |
|
Other Current Liabilities |
17,756.33 |
|
|
|
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Total Current Liabilities |
4,350,157.62 |
|
Total Liabilities |
4,350,157.62 |
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|
|
|
Shareholders’ Equity |
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
|
|
|
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Capital Paid |
2,000,000.00 |
|
Retained Earning-
Unappropriated |
[242,674.70] |
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Total Shareholders' Equity |
1,757,325.30 |
|
Total Liabilities & Shareholders' Equity |
6,107,482.92 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
|
|
|
|
Sales Income |
5,192,515.73 |
|
Other Income |
90,837.47 |
|
Total Revenues |
5,283,353.20 |
|
Expenses |
|
|
|
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Cost of Goods Sold
|
4,769,927.32 |
|
Selling Expenses |
12,000.00 |
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Administrative Expenses |
743,488.64 |
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Total Expenses |
5,525,415.96 |
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|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
[242,062.76] |
|
Financial Cost |
[611.94] |
|
Profit / [Loss] before Income
Tax |
[242,674.70] |
|
Income Tax |
- |
|
|
|
|
Net Profit / [Loss] |
[242,674.70] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
|
|
|
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|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
1.40 |
|
QUICK RATIO |
TIMES |
0.63 |
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|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
162.53 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.85 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
173.47 |
|
INVENTORY TURNOVER |
TIMES |
2.10 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
193.08 |
|
RECEIVABLES TURNOVER |
TIMES |
1.89 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
331.52 |
|
CASH CONVERSION CYCLE |
DAYS |
35.03 |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
91.86 |
|
SELLING & ADMINISTRATION |
% |
14.55 |
|
INTEREST |
% |
0.01 |
|
GROSS PROFIT MARGIN |
% |
9.89 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(4.66) |
|
NET PROFIT MARGIN |
% |
(4.67) |
|
RETURN ON EQUITY |
% |
(13.81) |
|
RETURN ON ASSET |
% |
(3.97) |
|
EARNING PER SHARE |
BAHT |
(12.13) |
|
|
|
|
|
LEVERAGE RATIO |
|
|
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DEBT RATIO |
TIMES |
0.71 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.48 |
|
TIME INTEREST EARNED |
TIMES |
(395.57) |
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.89 |
Acceptable |
Industrial Average |
14.06 |
|
Net Profit Margin |
(4.67) |
Deteriorated |
Industrial Average |
(0.58) |
|
Return on Assets |
(3.97) |
Deteriorated |
Industrial Average |
(0.85) |
|
Return on Equity |
(13.81) |
Deteriorated |
Industrial Average |
(2.25) |
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 9.89%. 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 is -4.67%. 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, it was lower, the company's figure is -3.97%.
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, it was lower, the company's figure is -13.81%.
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 |
1.40 |
Acceptable |
Industrial Average |
2.53 |
|
Quick Ratio |
0.63 |
|
|
|
|
Cash Conversion Cycle |
35.03 |
|
|
|
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 1.4 times in 2010, increase from 0 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 0.63 times in 2010,
increase from 0 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 36 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.71 |
Impressive |
Industrial Average |
0.84 |
|
Debt to Equity Ratio |
2.48 |
Risky |
Industrial Average |
2.26 |
|
Times Interest Earned |
(395.57) |
Risky |
Industrial Average |
0.37 |
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 -395.57 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.71 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 |
162.53 |
Impressive |
Industrial Average |
13.38 |
|
Total Assets Turnover |
0.85 |
Deteriorated |
Industrial Average |
2.13 |
|
Inventory Conversion Period |
173.47 |
|
|
|
|
Inventory Turnover |
2.10 |
Acceptable |
Industrial Average |
3.34 |
|
Receivables Conversion Period |
193.08 |
|
|
|
|
Receivables Turnover |
1.89 |
Deteriorated |
Industrial Average |
4.67 |
|
Payables Conversion Period |
331.52 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.18 |
|
|
1 |
Rs.77.49 |
|
Euro |
1 |
Rs.67.96 |
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.