MIRA
INFORM REPORT
|
Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
INDO DIAMOND
[BELGIUM] CO., LTD. |
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Registered Office : |
25th Floor, Unit No. 1249/180 C2, Gems Tower Building, Charoenkrung Road, Suriyawongse, Bangrak, Bangkok 10500 |
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Country : |
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Financials (as on) : |
30.11.2010 |
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Date of Incorporation : |
1991 |
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Com. Reg. No.: |
0105534121458
[Former : 12143/2534] |
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Legal Form : |
Private
Limited Company |
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LINE OF BUSINESS : |
IMPORTING, DISTRIBUTING AND
EXPORTING OF DIAMONDS,
PRECIOUS STONES, AND
JEWELRY PRODUCTS, MAINLY
DIAMOND RINGS AND
PENDANTS. |
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No. of Employees : |
4 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small company |
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Payment Behaviour : |
No complaints |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
INDO DIAMOND
[BELGIUM] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 25th FLOOR,
UNIT NO. 1249/180 C2,
GEMS TOWER
BUILDING, CHAROENKRUNG
ROAD, SURIYAWONGSE,
BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE
: [66] 2237-2019,
2237-5217-8, 081 918-9355
FAX :
[66] 2237-5219
E-MAIL ADDRESS : indo_diamond@yahoo.uk
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1991
REGISTRATION NO. : 0105534121458 [Former : 12143/2534]
CAPITAL REGISTERED : BHT.
11,000,000
CAPITAL PAID-UP
: BHT.
11,000,000
SHAREHOLDER’S : THAI :
51%
INDIAN
: 49%
FISCAL YEAR CLOSING DATE : NOVEMBER 30
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE
: MR.
MAHESY KUMAR AGRAWAL,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 4
LINES OF
BUSINESS : DIAMONDS AND
PRECIOUS STONES
IMPORTER, DISTRIBUTOR
& EXPORTER
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
December 20, 1991 as
a private limited
company under the registered
name CRYSTAL DIAMONDS
CO., LTD., by Thai
and Indian groups, to be engaged in
importing, distributing and
exporting of diamond, precious
stone and diamond
jewelries.
On December 16, 1994, the subject’s name was
changed to INDO DIAMOND [BELGIUM] CO., LTD.
It currently employs
4 staff.
The subject’s registered address
was initially located at 17th Flr., Wanglee Building, 297
Surawong Rd., Suriyawong,
Bangrak, Bangkok 10500.
On October
12, 2006, it
was relocated to 25th Flr.,
Unit No. 1249/180
C2, Gems Tower
Bldg., Charoenkrung Rd.,
Suriyawongse, Bangrak, Bangkok
10500, and this
is the subject’s current operation
address.
THE BOARD
OF DIRECTOR
Mr. Mahesy Kumar
Agrawal
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Mahesy Kumar
Agrawal is the
Managing Director.
He is Indian
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject is engaged
in importing, distributing
and exporting of
diamonds, precious stones,
and jewelry products,
mainly diamond rings
and pendants.
PURCHASE
Jewelries are
purchased from suppliers
both local and
overseas mainly India,
Hong Kong
and Belgium.
SALES [LOCAL]
90% of
the product is
sold locally to dealers
and manufacturers.
EXPORT
10% of
the products is
exported to Hong Kong,
U.S.A. and Japan.
RELATED AND AFFILIATED
COMPANY
Thai Gem Center
Co., Ltd.
Business Type : Importer
and distributor of
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.
Local bills
are paid by
cash or on
the credits term
of 30-60 days.
Imports are
by L/C at
sight.
Exports are
against T/T.
BUSINESS TRANSACTION
The products
are sold mainly
by cash. There
is no problem
on its account
receivable.
BANKING
Standard Chartered
Bank [Thai] Public Co.,
Ltd.
[Head Office : 90
North Sathorn Rd.,
Bangrak, Bangkok 10500]
EMPLOYMENT
The subject
employs 4 staff
[office and sales
staff].
LOCATION DETAILS
The premise is
rented for administrative
office at the
heading address. Premise is
located in commercial
area.
COMMENT
The subject was
formed in 1991 as
an importer, distributor
and exporter of diamond
and precious stones. any
factors have affected
jewelry consumption like
economic slowdown, slow consumption
and low
purchasing power which
had affected overall business.
Subject reported slow
sales in 2010 due to
sluggish market both domestic and exports,
as well as current
rising cost of living
and more household spending have also affected
consumption of luxuries
goods including diamond and jewelry.
FINANCIAL INFORMATION
The capital
was initially registered
at Bht. 2,000,000
divided into 20,000 shares
of Bht. 100 each.
The capital
was increased later as follows:
Bht. 5,000,000
on November 15,
1996
Bht.
11,000,000 on December
4, 2000
The latest
registered capital was
increased to Bht. 11,000,000
divided into 110,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at
March 31, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Mahesy Kumar Agrawal Nationality: Indian Address : 25th Flr.,
Unit No. 1249/180
C2, Gems
Tower Bldg., Charoenkrung Rd.,
Suriyawongse, Bangrak,
Bangkok |
52,800 |
48.00 |
|
Mrs. Somporn Saetang Nationality: Thai Address :
15/42 Moo 6, T.
Bansuan, A. Muang,
Chonburi |
11,220 |
10.20 |
|
Mrs. Somrak Pateeyawong Nationality: Thai Address :
149 Isaraphap Rd.,
Somdejchaophya,
Klongsan, Bangkok 10600 |
11,220 |
10.20 |
|
Mr. Kongsak Luangtanakul Nationality: Thai Address :
274/14 Moo 5, T.
Bansuan, A. Muang,
Chonburi Province |
11,220 |
10.20 |
|
Ms. Ratana Saeliew Nationality: Thai Address :
128/60 Sathupradit Rd.,
Tungwatdon,
Yannawa, Bangkok 10120 |
11,220 |
10.20 |
|
Mr. Amorn Pateeyawong Nationality: Thai Address :
149 Isaraphap Rd.,
Somdejchaophya, Klongsan, Bangkok
10600 |
11,220 |
10.20 |
|
Mr. Raveekumar Akrawal Nationality: Thai Address :
15/42 Moo 6, T.
Bansuan, A. Muang,
Chonburi |
1,100 |
1.00 |
Total
Shareholders : 7
Share Structure
[as at March
31, 2011]
|
Nationality |
Shareholders |
No.
of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
56,100 |
51.00 |
|
Indian |
2 |
53,900 |
49.00 |
|
Total |
7 |
110,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Pimporn Nimmanwatana
No. 4268
Note
The 2011 financial
statement has yet been
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The latest
financial figures published
for November 30,
2010 & 2009
were:
ASSETS
|
Current
Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash
Equivalents |
1,109,748.74 |
1,440,972.81 |
|
Short Term Investment |
1,571,157.75 |
1,571,157.75 |
|
Trade Accounts Receivable |
9,445,898.39 |
17,868,425.76 |
|
Inventories
|
16,427,509.68 |
14,798,310.05 |
|
Other Current Assets
|
13,945.00 |
9,604.92 |
|
Total Current Assets |
28,568,259.56 |
35,688,471.29 |
|
|
|
|
|
Fixed Assets
|
31,949.12 |
53,720.60 |
|
Other Assets
|
60,055.00 |
60,055.00 |
|
Total Assets |
28,660,263.68 |
35,802,246.89 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
8,699,991.96 |
17,958,017.13 |
|
Pre-receipt Income |
1,958,041.60 |
- |
|
Other Current Liabilities |
118,623.30 |
206,881.59 |
|
Total Current Liabilities |
10,776,656.86 |
18,164,898.72 |
|
Total Liabilities |
10,776,656.86 |
18,164,898.72 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 110,000 shares |
11,000,000.00 |
11,000,000.00 |
|
Capital Paid |
11,000,000.00 |
11,000,000.00 |
|
Retained Earning -
Unappropriated |
6,883,606.82 |
6,637,348.17 |
|
Total Shareholders' Equity |
17,883,606.82 |
17,637,348.17 |
|
Total Liabilities
& Shareholders' Equity |
28,660,263.68 |
35,802,246.89 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
13,052,732.01 |
15,175,828.98 |
|
Export Income |
4,329,472.72 |
14,894,113.70 |
|
Other Income |
1,016,875.27 |
285,686.24 |
|
Total Revenues |
18,399,080.00 |
30,355,628.92 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
16,218,495.66 |
28,441,588.84 |
|
Selling Expenses |
123,374.53 |
196,234.22 |
|
Administrative
Expenses |
1,640,119.65 |
1,349,635.29 |
|
Total Expenses |
17,981,989.84 |
29,987,458.35 |
|
Profit / [Loss]
Before Income Tax |
417,090.16 |
368,170.57 |
|
Income Tax |
[170,831.51] |
[112,832.41] |
|
Net Profit / [Loss]
|
246,258.65 |
255,338.16 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.65 |
1.96 |
|
QUICK RATIO |
TIMES |
1.13 |
1.15 |
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
544.06 |
559.75 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.61 |
0.84 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
369.70 |
189.91 |
|
INVENTORY TURNOVER |
TIMES |
0.99 |
1.92 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
198.35 |
216.89 |
|
RECEIVABLES TURNOVER |
TIMES |
1.84 |
1.68 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
195.79 |
230.46 |
|
CASH CONVERSION CYCLE |
DAYS |
372.26 |
176.34 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.31 |
94.58 |
|
SELLING & ADMINISTRATION |
% |
10.15 |
5.14 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
12.54 |
6.37 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.40 |
1.22 |
|
NET PROFIT MARGIN |
% |
1.42 |
0.85 |
|
RETURN ON EQUITY |
% |
1.38 |
1.45 |
|
RETURN ON ASSET |
% |
0.86 |
0.71 |
|
EARNING PER SHARE |
BAHT |
2.24 |
2.32 |
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.38 |
0.51 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.60 |
1.03 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
SALES GROWTH |
% |
(42.19) |
|
|
OPERATING PROFIT |
% |
13.29 |
|
|
NET PROFIT |
% |
(3.56) |
|
|
FIXED ASSETS |
% |
(40.53) |
|
|
TOTAL ASSETS |
% |
(19.95) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.54 |
Impressive |
Industrial
Average |
9.15 |
|
Net Profit Margin |
1.42 |
Impressive |
Industrial
Average |
0.09 |
|
Return on Assets |
0.86 |
Impressive |
Industrial
Average |
0.15 |
|
Return on Equity |
1.38 |
Impressive |
Industrial
Average |
0.40 |
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 12.54%. 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 1.42% 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 0.86%, 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 1.38%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY
RATIO
|
Current Ratio |
2.65 |
Impressive |
Industrial
Average |
1.80 |
|
Quick Ratio |
1.13 |
|
|
|
|
Cash Conversion Cycle |
372.26 |
|
|
|
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 2.65 times in 2010, increased from 1.96 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 1.13
times in 2010, decreased from 1.15 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 373 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE
RATIO
|
Debt Ratio |
0.38 |
Impressive |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
0.60 |
Impressive |
Industrial
Average |
1.54 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.87 |
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.
Debt Ratio shows the proportion of a company's assets which
are financed through debt. The company's figure is 0.38 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY
RATIO
|
Fixed Assets Turnover |
544.06 |
Impressive |
Industrial
Average |
10.60 |
|
Total Assets Turnover |
0.61 |
Deteriorated |
Industrial
Average |
1.57 |
|
Inventory Conversion Period |
369.70 |
|
|
|
|
Inventory Turnover |
0.99 |
Deteriorated |
Industrial
Average |
2.35 |
|
Receivables Conversion Period |
198.35 |
|
|
|
|
Receivables Turnover |
1.84 |
Acceptable |
Industrial
Average |
3.50 |
|
Payables Conversion Period |
195.79 |
|
|
|
Trend
of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.04 |
|
|
1 |
Rs.81.08 |
|
Euro |
1 |
Rs.67.39 |
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.